Wall Street mixed ahead of economic data; CPI in focus

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Wall Street stocks closed mixed on Monday as investors braced for a slew of U.S. economic data this week, especially consumer prices, to gauge the outlook for Federal Reserve monetary policy.

The Dow Jones Industrial Average fell. The benchmark S&P 500 index and tech-heavy Nasdaq Composite Index closed higher.


Investors are awaiting Wednesday's U.S. consumer price index reading and retailer earnings to assess demand by shoppers.

The CPI data is expected to show headline inflation accelerated 0.2% in July from June, but unchanged at 3% on a year-on-year basis.


Money markets are evenly betting on a 25- or 50-basis-point cut in U.S. interest rates in September, expecting a total easing of 100 bps by the end 2024, CME's FedWatch Tool showed. Figures for July U.S. retail sales on Thursday are likely to show marginal growth, and investors expect that any weakness in the data could reignite fears of a consumer slowdown and a potential recession. Walmart and Home Depot are due to report earnings later this week. "Retail earnings are another indication on the health of the consumer particularly in light of the unemployment rate ticking up in the most recent report," said James Abate, chief investment officer at Centre Asset Management in New York.

"One thing that could be a significant disappointment to the market is if the CPI number comes out higher than consensus."

According to preliminary data, the S&P 500 gained 1.63 points, or 0.03%, to end at 5,345.79 points, while the Nasdaq Composite gained 35.71 points, or 0.21%, to 16,781.01. The Dow Jones Industrial Average fell 137.00 points, or 0.35%, to 39,360.54.

Starbucks rose on reports that activist investor Starboard Value, which holds a stake in the coffee giant, wants the company to take steps to improve its stock price.

KeyCorp jumped after Canada's Scotiabank bought a minority stake in the U.S. regional lender in an all-stock deal worth $2.8 billion. Hawaiian Electric fell sharply after the utility firm raised "going concern" doubts.

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