Inflation data and Fed meeting: Stock futures flat, but Wall Street marks 4th winning week with record highs in S&P 500 and Nasdaq led by Tesla’s rally, as worries crumble

Wall Street Ends Winning Streak as Traders Anticipate Key Inflation Data and Fed Meeting

New York – The stock market on Wall Street ended its winning streak as investors awaited crucial inflation data and the Federal Reserve meeting. The S&P 500 fell 0.8%, breaking its winning streak of four consecutive weeks, while the Dow Jones Industrial Average slipped 0.4%.

The market appeared in a cautious mood ahead of key economic data, including consumer price inflation, that could shed light on the Fed’s decision on monetary policy. The central bank is closely monitoring inflation numbers to determine whether its current accommodative stance is appropriate, leading to wide speculation on whether they will hike interest rates.

Tesla’s strong movement contributed to the Nasdaq Composite index climbing 0.2%, reaching a new high of 2023.19 points. Tesla shares rose 1.5% today, following a 9.1% surge on Friday after the stock was included in the S&P 500 index.

Although the market hit some turbulence today, analysts believe that the overall trend towards growth will continue. Investors are looking forward to updates on vaccines, fiscal stimulus, and earnings reports.

“Despite a pause today, I think markets continue to reflect optimism about a strong economic recovery in 2021,” said Michael Sheldon, executive director and chief investment officer at RDM Financial Group in a statement to Reuters.

As the market prepares for a busy week of updates, traders remain alert to the possibility of further fluctuations in stock prices.