Stock market today: Stocks wobble with inflation data in focus | May 13, 2024

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US stocks were mixed Monday following a string of market gains as attention turned to the coming inflation report seen as a potential starting gun for interest rate cuts.
The S&P 500 (^GSPC) hugged the flatline, while the tech-heavy Nasdaq Composite (^IXIC) moved up about 0.2%. The Dow Jones Industrial Average (^DJI) dipped as much as 0.2%, coming off the best week of the year for the blue-chip index.
Stocks have come back strong in May on the back of better-than-expected earnings and a revival of optimism for a Federal Reserve easing in monetary policy. The Dow notched eight straight daily wins in a row on Friday - though a dearth of economic releases likely played a part.
After recent hot inflation data, markets have been more skittish as investors have increasingly priced in "no landing," where price increases don't come down to the Fed's target but the economy keeps growing.
This week brings a flood of economic releases as potential catalysts, with the Consumer Price Index update on Wednesday the star. The CPI update for April will shed light on whether inflation is staying sticky into the second quarter amid some belief on Wall Street that the report will mark a faster descent and set the stage for more than one rate cut this year.
Read more: How does the labor market affect inflation?
In individual stock movers, GameStop (GME) shares jumped roughly 70%, adding to a recent run-up for the video game retailer as meme stocks grab headlines again. The gains came as the social media star credited with kick-starting the 2021 meme stock frenzy, "Roaring Kitty," returned from a three-year break.
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