US stocks close flat on rates and growth concerns
Wall Street closed mostly flat on Monday after blockbuster jobs data last week reinforced expectations the Federal Reserve will crack down on inflation, while a revenue warning from chipmaker Nvidia reminded investors of a slowing US economy. Stocks retreated from earlier highs as last week's blowout labour market report was initially seen as a sign the economy could withstand aggressive interest rate hikes by the Fed to tame inflation running at four-decade highs. Investors now await consumer price data on Wednesday to gauge whether the Fed might ease a bit in its inflation fight and provide better footing for the economy to grow. "The CPI data will help to confirm if the Fed's tightening efforts have been successful in starting to tame inflation or if continued Fed tightening is needed," said Robert Schein, chief investment officer at Blanke Schein Wealth Management. The Dow Jones Industrial Average rose 29.07 points, or 0.09 percent, to 32,832.54, while the S&P 500 lost 5.13 points, or 0.12 percent, to 4,140.06 and the Nasdaq Composite dropped 13.10 points, or 0.1 percent, to 12,644.46.