Markets drift lower ahead of key inflation data due tomorrow

Note: Figures recorded at 7:40am AEDT. Updated figures and a video recording will be available at 9am AEDT.

The S&P 500 wavered on Monday as the rally that brought the major averages to record highs cooled off. Investors also looked ahead to fresh U.S. inflation data.

The broad S&P 500 lost 0.2%, while the technology-heavy Nasdaq Composite slipped 0.5%. The Dow Jones Industrial Average added 22 points, or 0.1%.

Information technology stock Super Micro Computer dropped more than 5%, while chipmaker Nvidia fell more than 1%. Both moves come as investors question if stocks tied to artificial intelligence have more room to run after monster rallies.

Meta also struggled, with the Facebook parent tumbling more than 4%. Outside of tech, pharmaceutical stock Eli Lilly dropped more then 3%.

Those losses come as traders prepare for February’s consumer price index due Tuesday. Economists polled by Dow Jones anticipate CPI will rise 0.4% between January and February and 3.1% on an annualized basis. Excluding volatile food and energy prices, the so-called core basket is expect to increase 0.3% on the month and 3.7% on the year.

That comes ahead of the producer-focused index slated for later in the week. The pair is among the last major economic reports expected before Federal Reserve leaders convene for their March policy meeting.

Oil prices were mixed on Monday ahead of key February inflation data and reports on the global crude outlook from OPEC and the International Energy Agency. West Texas Intermediate settled at $77.93 a barrel, down 8 cents, while Brent settled at $82.21 a barrel, up 13 cents, following declines last week due to subdued demand in China and comments from the IEA about sufficient market supply this year.

Iron ore tumbled 6.8 per cent to $US107.35 a tonne in Singapore trading on Monday. Both gold and oil were relatively little changed.

Figures around the globe

European markets closed mixed. London’s FTSE added 0.12 per cent, Frankfurt lost 0.38 per cent, and Paris closed 0.10 per cent lower.

Turning to Asian markets, Tokyo’s Nikkei dropped 2.19 per cent, Hong Kong’s Hang Seng gained 1.43 per cent and China’s Shanghai Composite added 0.74 per cent..

Yesterday, the Australian share market closed 1.82 per cent lower at 7,704.22.

Blackwall Limited (ASX:BWF) is paying 2.5 cents fully franked
Grange Resources. (ASX:GRR) is paying 2 cents fully franked
IGO Limited (ASX:IGO) is paying 11 cents fully franked
Lifestyle Communit (ASX:LIC) is paying 5.5 cents fully franked
Motorcycle Hldg (ASX:MTO) is paying 3 cents fully franked
News Corp (ASX:NWS) is paying 10.7214 cents unfranked
PSC Insurance Ltd (ASX:PSI) is paying 5.7 60 per cent franked
Yancoal Aust Ltd (ASX:YAL) is paying 32.5 cents fully franked

Dividends payable
Codan Ltd (ASX:CDA)
McGrath Ltd (ASX:MEA)
Winton Land Ltd (ASX:WTN)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.

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