Investing.com — U.S. stocks opened mixed on Monday at the start of a week that is likely to be dominated by the Federal Reserve’s policy meeting and its reaction – if any – to growing signs of an economic recovery that could drive inflation higher.
By 9:45 AM ET (1345 GMT), the Dow Jones Industrial Average was up 98 points, or 0.3%, at 32,877 points, while the S&P 500 was unchanged, as the positive tone in futures overnight petered out. The NASDAQ Composite was down 0.1%, again underperforming, as Tesla (NASDAQ:TSLA) stock slipped 1% in response to a tongue-in-cheek filing adding the title of “TechnoKing” to CEO Elon Musk and “Master of Coin” to his chief financial officer. The move seemed a reaction to Bitcoin – on which Tesla had made a $1.5 billion bet – hitting new highs over the weekend.
Over the weekend, Treasury Secretary Janet Yellen – a former chair of the Federal Reserve – had said she sees any inflationary risks arising from the $1.9 trillion stimulus package as “small” and “manageable”.
However, with $1,400 stimulus checks starting to arrive at U.S. households over the weekend, the prospect of some more asset price inflation in the stock market seems realistic.
