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09/04/24 Briefing

Wall Street ended mixed on Monday, as investors await economic data and comments from Federal Reserve officials scheduled for later in the week. These upcoming events hold the potential to provide insights into the future direction of interest rates. The Dow and the S&P 500 ended in negative territory, while the Nasdaq Composite finished in positive zone.

The Dow Jones Industrial Average (DJI) fell 0.03% or 11.24 points to close at 38,892.80. Notably, 18 components of the 30-stock index ended in negative territory, while 12 finished in positive zone. The major loser of the blue-chip index was Intel Corporation INTC, after its stock price fell 1.9%.

The tech-heavy Nasdaq added 5.44 points or 0.03% to close at 16,253.96.The S&P 500 declined 0.04% or 1.95 points to end at 5,202.39. Of the 11 broad sectors of the benchmark, five ended in negative territory, while six ended in the green zone. The Energy Select Sector SPDR (XLE), the Health Care Select Sector SPDR (XLV), the Industrials Select Sector SPDR (XLI) and the Consumer Staples Select Sector SPDR (XLP) fell 0.6%, 0.3%, 0.2% and 0.2%, respectively, while the Real Estate Select Sector SPDR (XLRE) advanced 0.9%.The fear-gauge CBOE Volatility Index (VIX) declined 5.2% to 15.19. A total of 9.50 billion shares were traded on Monday, lower than the last 20-session average of 11.53 billion. The S&P 500 posted 22 new 52-week highs and two new 52-week lows. The Nasdaq Composite registered 79 new 52-week highs and 84 new 52-week lows.

This week, investors are feeling anxious as they anticipate the release of the March Consumer Price Index (CPI) data, on Wednesday. The CPI figures are crucial as they give insights into inflation trends, which play a role in shaping the Federal Reserve’s monetary policy decisions.Given the growing worries about inflationary pressures, market participants are eager to gauge the effectiveness of the Fed's strategies in combating rising prices. In addition to analyzing the CPI report, investors will closely examine the minutes from the Fed’s interest rate policy meeting and speeches by various Fed officials to gain more clarity on future policy directions.The results of the Michigan Consumer Sentiment Survey, which is set to be released on Friday will offer information on consumer attitudes and spending patterns. Overall, this week’s primary focus is centered around inflation data releases and their potential implications, for market sentiment.

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