- The S&P 500 moved around record highs but tech stocks appeared under pressure.
- Wall Street is gearing up for Thursday’s inflation report for May which may show inflation continuing to accelerate.
- The Group of 7 economies agreed to a 15% minimum corporate tax rate.
- See more stories on Insider’s business page.
US stocks traded mixed on Monday, as investors prepare to potentially see consumer price inflation accelerate to the hottest reading in years and to monitor movement toward a possible new corporate minimum tax rate worldwide.
The S&P 500 edged up after gains last week left the broad equity index near a record high but tech stocks as tracked on the Nasdaq Composite pulled back.
Here’s where US indexes stood at 9:30 a.m. on Monday:
Inflation pressures are at the top of mind for Wall Street ahead of Thursday’s report from the government that may show consumer price inflation rose to 4.6% year over year in May, according to an Econoday consensus estimate. Such a reading would be faster than April’s print of 4.2% which was the highest rate since 2008.
The Federal Reserve has said it will tolerate hotter inflation to support economic growth. But minutes from the central bank’s most recent meeting indicate policy makers are prepared to start discussions about tapering stimulus efforts and investors will again question when the Fed may start raising interest rates in the face high inflation.
Meanwhile, investors will watch for how US lawmakers will react to an international tax deal secured by Treasury Secretary Janet Yellen. Officials from the Group of 7 advanced economies on Saturday agreed to impose a corporate minimum tax of 15%. The deal is likely to face opposition from Republican lawmakers as well as business groups.
Around the markets, gold fell 0.3% to $1,885.63 per ounce. Long-dated US Treasury yields rose, with the 10-year yield at 1.57%.
Bitcoin rose 2%, to $36,678.41.