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

NEW YORK — Wall Street is closing mixed after drifting through a quiet day of trading, as markets around the world stabilize following a wild week. The S&P 500 was little changed Monday. The Dow Jones Industrial Average fell 0.4%, and the Nasdaq composite gained 0.2%. The majority of U.S. stocks fell, but a big gain for Nvidia helped to offset those losses. European and Asian markets were also relatively quiet. The value of the Japanese yen eased, providing some relief to markets worldwide.

The value of the Japanese yen eased on Monday, calming some more after an earlier surge sent shockwaves through markets. The sharp rise for the Japanese yen following a hike to interest rates by the Bank of Japan forced many hedge funds and other investors to abandon a popular trade all at once, where they had borrowed yen at cheap rates to invest elsewhere. The forced selling reverberated around the world.

That would indicate the Federal Reserve is successfully walking the tightrope it’s been attempting since it began hiking interest rates sharply in 2022: It wants the U.S. economy to slow by enough to snuff out high inflation, but not so much that it causes a recession. The Fed does not have an easy way to fix a weakening economy combined with worsening inflation, a phenomenon called “stagflation.” The central bank could ease rates, which would give the U.S. economy an upward push but also threaten to worsen inflation. Or it could continue to keep its rate high. That would put downward pressure on inflation but also inflict more pain on the economy.

On Wall Street, the majority of stocks were weakening. But a 4.5% jump for Nvidia helped to offset many of those losses. Because it's one of the largest U.S. stocks by value, Nvidia's movements carry extra weight on the S&P 500 and other indexes. It has been shaky recently and has been mostly declining the last month on worries that its stock shot too high in the earlier frenzy on Wall Street around artificial-intelligence technology.

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