Traders work on the floor of the New York Stock Exchange (NYSE) on January 29, 2024 in New York City.
Spencer Platt | Getty Images
US stocks fell slightly on Monday, as traders eyed the Federal Reserve's interest rate decision and inflation data for May.
the Standard & Poor's 500 It was traded unchanged, instead Nasdaq Composite It rose by 0.2%. the Dow Jones Industrial Average He lost 87 points, or 0.2%.
Nvidia Shares fell 1% as the 10-1 stock leak took effect.
The Federal Reserve's latest interest rate decision and May CPI expected on Wednesday could be major tests for markets, especially after Friday's strong jobs report continued to signal that the central bank may delay cutting interest rates.
Investors will analyze the Fed's updated forecasts on the timing and frequency of interest rate cuts. Markets are now pricing in just one rate cut this year, coming in November, according to the CME FedWatch tool.
But Sam Stovall, chief investment strategist at CFRA, says inflation remains at high levels, causing lasting concerns among investors.
“For me, the biggest concern is that the Fed hasn't gone far enough for long enough,” he told CNBC in a recent interview. “I think that will at least keep us somewhat within the range, and perhaps keep the markets from going any further in the near term.”
In fact, in the next few weeks, Stovall sees the market falling at least 5% in a minor correction.
Elsewhere on Monday, investors will also be watching appleThe Worldwide Developers Conference is where the iPhone manufacturer is expected to make its latest software announcements.
