Investing.com — U.S. stock indexes fell in Monday night trading after a mix of profit-taking and heightened anxiety ahead of this week's key inflation indicators pulled Wall Street indexes off record highs. Futures prices slumped.
Investors were also largely nervous about the prospect of higher interest rates for an extended period of time, as many Federal Reserve officials indicated the central bank was in no hurry to begin easing policy.
That thinking has driven all three Wall Street indexes into profit-taking over the past two sessions after market darling Nvidia Corporation's (NASDAQ:) stellar results pushed the stock to all-time highs.
was flat at 5,080.75 points, but fell slightly to 17,970.0 points by 18:46 ET (23:46 Japan time). It remained at 39,116.00 points.
Wall Street is constantly in crisis due to the flood of eco-data
This week's focus has been largely on data: the Fed's preferred inflation measure, which will be released on Thursday. Signs of persistent inflation are likely to give the central bank further impetus to keep interest rates high for an extended period of time, a belief that lowered risk appetite at recent meetings.
It fell 0.4% to 5,069.53 points on Monday and fell 0.1% to 15,976.25 points. It fell 0.2% to end at 39,069.23 points.
But before the inflation data, markets will also need to grapple with a number of important indicators about the US economy this week. Data on , , and various state economic activity measures are expected to be released in the coming days.
Revised figures for the fourth quarter are also expected to be announced this week, and are expected to show some cooling in the U.S. economy, although not enough to force the Federal Reserve to cut interest rates early.
Several more Fed officials are also scheduled to speak this week, as they have significantly downplayed expectations for an early rate cut by the Fed in 2024. The paper said traders were seen pricing in expectations for rate cuts in May and June.
Q4 earnings season ends with mixed results
The fourth quarter corporate earnings season is nearing its end, with some somewhat mixed results.
video conferencing company Zoom video communication Inc (NASDAQ:) rose 12% after the market after reporting better-than-expected earnings while announcing a $1.5 billion share buyback.
But on the other hand, Unity Software Co., Ltd. (NYSE:) Shares fell nearly 19% after the company announced it would exit some businesses, even though profits beat expectations.
Workday Co., Ltd. (NASDAQ:) fell 8% as the company expected subscription revenue to be lower than expected. Cargurus (NASDAQ:) also fell nearly 12% after providing weak guidance.
Lowe's Companies (NYSE:), Macy's (NYSE:), TJX Companies (NYSE:), and best buy (NYSE:) is also scheduled to report quarterly results this week.
