US stocks drifted in tight ranges Monday as investors consolidated recent gains ahead of the release of key inflation data this week for more cues on interest rates.

At 09:35 ET (14:35 GMT), the Dow Jones Industrial Average was up 75 points, or 0.2%, while the S&P 500 index dropped 7 points, or 0.1%, and the NASDAQ Composite fell 40 points, or 0.2%.

The S&P 500 and the NASDAQ Composite closed at fresh records Friday, rising around 1% and over 3% for the week, respectively. The Dow Jones Industrial Average lagged behind, closing the week down 0.6%.
CPI data awaited for more rate cues
Investors are starting the new week on a cautious note, with the focus squarely on the November consumer price index, due on Wednesday, for more cues on inflation, the US economy and potential interest rate cuts.

The headline reading is expected to show a 2.7% year-on-year increase, a monthly increase of 0.2%, while core CPI inflation, which excludes volatile food and energy prices, is also expected to have remained significantly above the Federal Reserve's 2% target.

While the central bank is widely expected to cut interest rates by 25 basis points next week, it is also expected to slow its pace of rate cuts in 2025, given the still elevated inflation and a strong labor market.

Data on Friday showed stronger-than-expected growth in nonfarm payrolls in November, but the participation rate shrank, while growth in manufacturing payrolls underwhelmed
Investors were waiting to see what a major regime change in Syria will entail for geopolitics in the Middle East, after rebel forces ousted President Bashar al-Assad and took control of Damascus, ending 13 years of civil war.

Media reports said al-Assad had landed in Moscow, while Israeli forces had entered Syria.(Cay) Newsmaker23

source: Investing.com