S&P 500 barely changes as investors hold tight ahead of inflation data

Another fallen tree brings traffic to standstill in KL’s Golden Triangle, less than a week after Jalan Sultan Ismail incident

Last week the Nasdaq composite and the S&P 500 both registered their third straight weeks of gains, boosted by strong earnings reports and signs of a cooling labour market that fuelled bets of one or two Federal Reserve rate cuts this year.But on Monday investors appeared anxious to stay clear of making big bets ahead of April Consumer Price Index data due out on Wednesday.

Anthony Saglimbene, Ameriprise chief market strategist, said the “marked deterioration in consumer sentiment and rising expectations around inflation” from the consumer sentiment surveys puts even more weight on the upcoming inflation data. Fed Vice Chair Phillip Jefferson said earlier yesterday that he supports keeping interest rates steady until it is clear that price pressures are moderating.Technology provided the biggest boost and Apple was its biggest index point contributor.

Alphabet, expected to show off its own new AI-related features at its developers' conference today, managed to close up 0.3 per cent after falling as much as 2.7 per cent during the session.

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