(Reuters) – The New York Stock Exchange opened directionless on Tuesday amid caution ahead of the release of U.S. inflation data and the start of the U.S. corporate earnings season later this week.
In early trading, the Dow Jones index gained 61.41 points, or 0.18%, to 33,647.93 points and the broader Standard & Poor’s 500 rose 0.08% to 4,112.47 points.
The Nasdaq Composite lost 0.07%, or 8.33 points, to 12,076.03.
US job creation data released on Friday showed that the labor market remains strong, further bolstering expectations of a 25 basis point rate hike in May by the US Federal Reserve ( fed).
This marks a shift from expectations of a possible pause in Fed policy tightening following a string of recent weak economic data and the turmoil sparked in March by the collapse of two regional banks.
All eyes are on the publication on Wednesday of consumer prices in the United States for the month of March, which are expected to slow to post a rise of 5.2% after 6% in February.
Core inflation, which is closely watched, should however accelerate to 5.6%, after 5.5% in February.
Big US banks Citigroup, JPMorgan and Wells Fargo will also kick off a new earnings season on Friday, with investors on the lookout for any details that could shed light on the overall health of the sector.
In values, Boeing, which plans to bring production of its 737 MAX back to its 2019 rate by January 2025, is ahead by 1.2%.
CarMax gained 8.4% after the used-car retailer reported quarterly profit that beat estimates.
Coinbase Global and Riot Platforms are up 2.3% and 3.8% as bitcoin surged above the $30,000 level for the first time in 10 months.
Moderna, which said Tuesday it was too early to determine the effectiveness of its flu vaccine, fell 4.7%.
(Written by Diana Mandiá, Editing by Kate Entringer)
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