US stocks open muted, awaiting US-China trade news, inflation data and tax bill progress
U.S. stocks are mixed, with inflation data due this week and possibly, some clarity on where the U.S. and China stand on trade issues and how the Senate may vote on the more than 1,000-page tax bill before it.
The May consumer price index report, due midweek, could provide insight into whether the tariff rollercoaster is reviving inflation. It is the first full month of data since President Donald Trump announced his aggressive tariff plan on April 2. Many of the harshest tariffs have been rolled back or paused, but some have kicked in.
Wholesale price data are due the next day and could give investors an idea of whether there is inflation coming down the pipeline to Americans. Wholesale prices are what businesses pay for their goods and services.
At the end of the week, a new consumer sentiment reading from the University of Michigan also includes data on inflation expectations.
Separately, officials from the U.S. and China held trade talks in London. The talks follow a phone call between Trump and Chinese President Xi Jinping after Trump accused China of violating terms of a tariff pause agreed on last month in Switzerland. Investors are awaiting news from the meeting overnight.
At 10:07 a.m. ET, the blue-chip Dow slipped 0.3%, or 129.80 points, to 42,633.07; the broad S&P 500 inched up 0.01%, or 0.58 point, to 6,000.94; and the tech-heavy Nasdaq added 0.2%, or 38.4 points, to 19,568.36. All three indexes closed higher last week, and the S&P 500 topped the 6,000 mark for the first time since Feb. 21 and is now less than 3% from its record high. The benchmark 10-year Treasury yield fell to 4.494%.
Investors will also continue to watch the path of the so called "One, Big Beautful bill" in the Senate after a public and fierce tit-for-tat social media exchange between Tesla chief executive Elon Musk and Trump. Musk said the "pork-filled Congressional spending bill is a disgusting abomination," and Trump called Musk "crazy."
Warner Bros. Discovery is splitting into two standalone publicly traded entertainment companies, separating its HBO Max streaming service, movie studio and TV production business from its cable networks. Shares of the entertainment company rose more than 8%.
Facebook parent company Meta Platforms reportedly is in talks to make a multibillion-dollar investment into artificial intelligence startup Scale AI. Meta shares rose fractionally.
EchoStar is considering filing for bankruptcy, as it faces a regulatory review of its spectrum licenses, according to the Wall Street Journal. Shares of the telecommunications company plunged 8.3%.
Cryptocurrency platform Gemini said it confidentially submitted a draft registration statement with the Securities and Exchange Commission (SEC) for an initial public offering of class A shares. The IPO is expected after the SEC review process, it said in a release.
Bitcoin was last up 1.4% at $107,233.40.
This story was updated with new information.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
This article originally appeared on USA TODAY: US stocks open little changed, waiting for trade and inflation news
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