Stock market today: Wall Street is steady ahead of big tests coming later in the week

NEW YORK — Wall Street is holding relatively steady, as markets around the world stabilize following a wild week. The S&P 500 was up 0.3% in early trading Monday. The Dow Jones Industrial Average rose 58 points, or 0.1%, and the Nasdaq composite was up 0.4%. European and Asian markets were also relatively quiet. That’s a notable turn after last week kicked off with the worst day for Japanese stocks since 1987, only to give way to the best day since 2022 for U.S. stocks.

New data on U.S. inflation at the consumer and wholesale level will be released this week, along with more insights into how U.S. retailers fared last month. Walmart and Home Depot kick of the earnings season for retailers, with the latter posting second quarter results on Tuesday. Inflation has been the leading economic concern for more than two years, but price gains have returned to more reasonable levels and most economists, as well as investors, expect the Federal Reserve to begin cutting interest rates next month, excluding any big surprises this week. The Fed cranked up rates beginning in March of 2022 in an effort to stymie inflation that began to rise as the economy recovered from a pandemic-induced recession.

Last week started with a jolt, as markets were slammed with heavy selling triggered by concerns over whether the U.S. economy may be slowing too quickly. Japanese stocks endured their worst percentage loss since 1987’s Black Monday. But it ended on a calmer note after more big U.S. companies joined those reporting better profit for the spring than analysts had expected.

In Asian trading on Monday, Hong Kong's Hang Seng edged 0.1% higher, to 17,111.65 and the Shanghai Composite index slipped 0.1% to 2,858.20.In Seoul, the Kospi jumped 1.2% to 2,618.30, as shares in Samsung Electronics gained 1.1%, tracking advances in Big Tech companies late last week. Taiwan's Taiex advanced 1.4%, as computer chip giant Taiwan Semiconductor Manufacturing Co. added 0.6% and electronics maker Hon Hai Precision Electronics, also known as Foxconn, surged 4.5%.

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