Stocks Are Little Changed to Start the Week After S&P 500 Closes Above 5,000
CNBC 12/02/2024 22:26
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 6, 2024.  REUTERS/Brendan McDermid
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 6, 2024.
Brendan McDermid | Reuters

U.S. stocks hovered near the flatlinU.S. stocks hovered near the flatline early Monday following a record-setting week for the S&P 500.

On Friday, the S&P 500 closed above 5,000 for the first time in history. The broader index has now risen more than 5% since the start of the year.

All three major averages are coming off their fifth straight week of gains, with the S&P 500 and Nasdaq Composite respectively adding 1.4% and 2.3% last week. The Dow edged fractionally higher.

“While U.S. stocks are now pricing in plenty of good news, we believe the rally has been well-supported,” wrote Mark Haefele, chief investment officer of UBS Global Wealth Management. The S&P 500 has now gone over 70 trading days without experiencing a 2% pullback, according to Bespoke Investment Group.

Some 61 names in the S&P 500 are set to report earnings in the week ahead, including gig economy stocks Lyft ($Lyft LYFT$), Instacart ($Instacart, Inc. (Maplebear Inc.) CART$) and DoorDash ($DoorDash, Inc. Class A DASH$ ). Companies such as AutoNation ($AutoNation, Inc. AN$), Kraft Heinz ($Kraft Heinz Company KHC$), Hasbro ($Hasbro, Inc. HAS$) and Coca-Cola ($Coca-Cola Company KO$) will also shed light on the state of the U.S. consumer.

Traders will also watch out for the latest level on the consumer price index — or CPI, a key inflationary gauge — set to be released on Tuesday morning. More key economic data is expected on Thursday and Friday, including January’s reading on retail sales, production, imports and exports, housing starts and the producer price index, or PPI.

“CPI and PPI should print in line, but still be bullish,” Infrastructure Capital Advisors’ Jay Hatfield told CNBC. “We think that the market will continue to rally for the next week or two, and then maybe stall out as we wait for this inflation data to continue to come out.”


The content is provided as general information only and should not be taken as investment advice. All the contents shall not be taken as a recommendation to buy or sell any security or financial instruments. Any action you take resulting from information, analysis, or commentary on this article is your responsibility. Please consult your investment advisor before making any investments.

Stay informed with updates through our Telegram and WhatsApp channels

Access the latest financial market news
Get expert insights

Scan QR to join