US stocks trade mixed as investors await fresh economic data and Fed commentary

• Stocks were mixed Tuesday morning as investors await upcoming economic data.
• This week will see fourth-quarter GDP released, as well as the latest PCE reading.
• Investors will also be tuned into a number of Fed speakers, listening for clues about rate cuts. 

US stocks were little changed as investors sit tight ahead of upcoming economic reports that could inform the Federal Reserve’s monetary policy. 

With the majority of S&P 500 companies having released their earnings, attention is now turning toward this week’s revised fourth-quarter GDP data, followed by the Personal Consumption Expenditures release. 

The latter, set to be released on Thursday, is the Fed’s preferred inflation gauge, and could help determine when the central bank applies its first interest rate cut this year. 

January’s stronger-than-expected consumer price index had already dampened market hopes for a quick Fed pivot; most now expect the first cut to occur around June.

Alongside this, a number of Fed speakers are scheduled to speak through this week, offering more clues as to the bank’s intentions.

Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday: 

• S&P 500: 5,073.04, up 0.07%
• Dow Jones Industrial Average: 39,005.03, down 0.11% (-41.05 points)
• Nasdaq Composite: 16,027.22, up 0.3%

Here’s what else happened today: 

• Commercial real estate won’t become a bigger crisis if the US can avoid a recession, JPMorgan’s Jamie Dimon said.
• Financial flows to Russia are taking a hit as global institutions don’t want to miss out on the dollar, deputy Treasury secretary said.
• Nvidia’s earnings may mark the start of another roaring 20’s, UBS analyst said.

In commodities, bonds, and crypto: 

• West Texas Intermediate crude oil inched up 0.62% to $78.06 a barrel. Brent crude, the international benchmark, fell 0.5% to $82.91 a barrel. 
• Gold rose 0.3% to $2,045.20 per ounce. 
• The 10-year Treasury yield was about flat at 4.297%.
• Bitcoin jumped 4.8% to $56,919.