US close: Stocks rangebound as traders sit tight ahead of CPI report

Wall Street's three main equity indices finished mixed on Monday with markets rangebound ahead of a key reading of inflation that has the potential to the market-moving.

The Dow finished 0.12% higher, rebounding slightly after its worst week since October last week; the S&P 500 fell 0.11%, falling for the second straight session after hitting a fresh record last week, with investors continuing to take profits after an 8% surge so far this year; while the Nasdaq Composite slipped 0.41%.

Stephen Innes, managing partner at SPI Asset Management, said traders "appeared to be sitting on their hands" on Monday, showing a lack of motivation to push the recent rally any further. And with no major economic data to act as a catalyst, all eyes were looking ahead to Tuesday's consumer-price index (CPI) release.

Analysts widely expect headline inflation to have held steady at an annual rate of 3.1% in February, staying at its 2021-lows, though core inflation should have eased to 3.7% from 3.9%.

Market participants were also bracing themselves for February's producer price index reading due out on Thursday – some of the last major macro figures before the Federal Reserve meets for their next monetary policy meeting next week.

"An inflation test looms before the next Federal Reserve gathering, which could sway guidance. It is imperative to avoid a repeat of the last CPI release. Another report similar to January’s could raise doubts about the Fed’s rate cut wisdom in 2024. If the inflation dragon shows up again, it will not sit well with risk appetite," Innes said.

Market movers

Facebook parent company Meta traded 4% lower after former president Donald Trump branded the firm an "enemy of the people" in comments around a hypothetical ban of social media rival TikTok. “I think Facebook has been very bad for our country, especially when it comes to elections,” Trump said.

Natural gas group EQT underwhelmed the market with its plans to buy Equitrans Midstream, a company it used to own, for $5.5bn in stock, sending shares down 8%.

Bally's was a big mover, jumping 28% after Standard General offered $15 a share to buy the 77% remaining stake it doesn't already own that values the casino operator at around $680m.

A bunch of chip stocks were providing a drag, with Nvidia among them as its recent decline continues; AMG and Lam Research also fell sharply.

Dow Jones - Risers

Unitedhealth Group Inc. (UNH) $489.15 2.64%
Intel Corp. (INTC) $44.86 1.95%
Nike Inc. (NKE) $101.08 1.94%
Walt Disney Co. (DIS) $112.31 1.80%
Walgreens Boots Alliance, Inc. (WBA) $21.54 1.80%
Verizon Communications Inc. (VZ) $40.13 1.57%
Cisco Systems Inc. (CSCO) $50.22 1.45%
Dow Chemical Co. (DOW) $57.44 1.45%
Chevron Corp. (CVX) $152.00 1.41%
Coca-Cola Co. (KO) $60.24 1.21%

Dow Jones - Fallers

Boeing Co. (BA) $192.49 -3.02%
International Business Machines Corporation (CDI) (IBM) $191.73 -2.15%
American Express Co. (AXP) $220.19 -1.42%
Caterpillar Inc. (CAT) $335.02 -1.24%
Merck & Co. Inc. (MRK) $122.77 -0.59%
Home Depot Inc. (HD) $371.57 -0.49%
Microsoft Corp. (MSFT) $404.52 -0.42%
Goldman Sachs Group Inc. (GS) $386.16 -0.21%
Dowdupont Inc. (DWDP) $0.00 0.00%
JP Morgan Chase & Co. (JPM) $188.29 0.04%

S&P 500 - Risers

Albemarle Corp. (ALB) $124.75 5.43%
Charter Communications Inc. (CHTR) $298.25 5.10%
Pfizer Inc. (PFE) $28.37 4.22%
Newmont Corporation (NEM) $35.24 3.92%
Xcel Energy Inc. (XEL) $52.91 3.70%
Advance Auto Parts (AAP) $75.77 3.68%
CH Robinson Worldwide Inc (CHRW) $75.00 3.52%
Gap Inc. (GPS) $21.64 3.44%
Everest Group (EG) $379.67 3.26%
Biogen Inc (BIIB) $230.07 3.06%

S&P 500 - Fallers

Nektar Therapeutics (NKTR) $0.83 -8.51%
Bread Financial Holdings, Inc. (BFH) $36.46 -6.22%
Meta Platforms Inc. (META) $483.59 -4.42%
Advanced Micro Devices Inc. (AMD) $198.39 -4.34%
Hanesbrands Inc. (HBI) $5.36 -4.11%
Eli Lilly and Company (LLY) $734.37 -3.64%
Rockwell Automation Inc. (ROK) $284.79 -3.33%
Intuitive Surgical Inc. (ISRG) $378.90 -3.30%
CenturyLink Inc. (LUMN) $1.76 -3.30%
Micron Technology Inc. (MU) $94.51 -3.19%

Nasdaq 100 - Risers

JD.com, Inc. (JD) $26.07 5.33%
Charter Communications Inc. (CHTR) $298.25 5.10%
Baidu Inc. (BIDU) $101.29 3.07%
Biogen Inc (BIIB) $230.07 3.06%
Wynn Resorts Ltd. (WYNN) $103.23 2.79%
Illumina Inc. (ILMN) $138.63 2.68%
Autodesk Inc. (ADSK) $258.26 2.54%
eBay Inc. (EBAY) $51.55 2.34%
Mercadolibre Inc. (MELI) $1,547.32 2.30%
Comcast Corp. (CMCSA) $43.54 2.25%

Nasdaq 100 - Fallers

Meta Platforms Inc. (META) $483.59 -4.42%
Intuitive Surgical Inc. (ISRG) $378.90 -3.30%
Micron Technology Inc. (MU) $94.51 -3.19%
Asml Holdings N.V. (ASML) $962.67 -3.18%
Lam Research Corp. (LRCX) $931.20 -2.66%
Qurate Retail Inc. (QRTEA) $1.32 -2.58%
Idexx Laboratories Inc. (IDXX) $548.31 -2.33%
Vodafone Group Plc ADS (VOD) $9.06 -2.05%
Applied Materials Inc. (AMAT) $201.37 -2.04%
Nvidia Corp. (NVDA) $857.74 -2.00%