The Dow Jones Bucks Pattern and Climbs Higher

As the S&P 500 and Nasdaq Composite decline, the Dow Jones Industrial Average is gaining. That index increased by 0.72% on Monday before trading closed off.

The S&P 500, on the other hand, fell by 0.31%, with the Nasdaq Composite dropping by 1.09%. Nvidia (NVDA) took a tumble as well, falling by 6.68% or 118 points in a sharp decline that marked more than just a correction for the stock.

However, things are looking up for NVDA in premarket trading, and the stock is up by 2.57%. That stock has been mostly bullish this year but has gained so much value so quickly that it was bound to undergo some pullback as a result. The NVDA stock briefly surpassed Microsoft (MSFT) and allowed Nvidia to become the most valuable company in the world based on market cap. It lost that standing when the stock declined in recent days, though.

Nasdaq had its worst day of trading since April on Monday, and it may correct slightly today as the market opens.

Economic Data to Watch for

This week, there are a number of important reports coming out that will demonstrate where US inflation is headed and what the economic situation is for the United States.

The FOMC meetings this week should provide more details on interest rate cuts. We know now that those are very likely this year and should come sometime around September.

We are also expecting the release of the Consumer Confidence report, which is predicted to show a slight decline. The Richmond Manufacturing Index will also be released, and that report is expected to show a decline too.

The House Pricing Index comparing this this month to last month will be coming out this week as well. Analysts say that will tick up from 0.1% to 0.3% from June.

Most economic predictions place the US economic situation at slightly worse for June than it was in May, which could tighten trading on the US stock markets.