Stock market today: US stocks trade mostly lower ahead of key February inflation report

• US stocks were mostly lower on Monday as investors await a key February inflation report.
• The February CPI report will be released Tuesday morning, and it will help inform when the Fed might cut interest rates.
• CPI year-over-year is expected to hit 3.1%, which is just above the Fed's long-term 2% target.

US stocks traded mostly lower on Monday as investors awaited the release of a key inflation report.

The Dow Jones Industrial Average ended with a small gain, while the Nasdaq and the S&P 500 both closed lower. Mega-cap stalwarts Nvidia and Meta Platforms both stumbled, with the chip maker closing 2% lower and the Facebook parent dropping more than 4%.

Investors are awaiting the consumer price index report for February, set to be released Tuesday morning, and the reading will help inform investors when the Federal Reserve might cut interest rates.

The median forecast suggests year-over-year CPI will hit 3.1%, which is still above the Fed's long-term target of 2%. The month-over-month Core CPI figure is expected to be 0.3%, which would align with the hotter-than-expected January CPI report.

"We lean towards this being a 'hot' CPI print, meaning the inflation for Feb core CPI likely is above the Street's +0.30% MoM," Fundstrat's Tom Lee told clients in a note on Monday.

If the stock market sells off in the face of a hot inflation report, Lee said it would likely prove to be a "buy the dip" moment, as much of the inflation in February is likely to have been driven by "residual seasonality that should fade by March," Lee said.

Here's where US indexes stood at the 4:00 p.m. closing bell on Monday:

• S&P 500: 5,117.94, down 0.11%
• Dow Jones Industrial Average: 38,769.66, up 0.12% (+46.97 points)
• Nasdaq Composite: 16,019.27, down 0.41%

Here's what else is going on today:

• Bitcoin hit a record high on Monday when it jumped above the $72,000 level. The upcoming halving event has generated excitement for the cryptocurrency.
• Moscow is doubling down on its trade partnership with Beijing, outlining plans to invest billions in two key rail lines.
• No interest rate cuts in 2024 wouldn't spell doom for the broader stock market, according to billionaire investor Ken Fisher.
• Former President Donald Trump told CNBC on Monday that he is warming up to bitcoin and would not crack down on it if re-elected in November.
• Moscow has offered terms on how both Russian and Western retail investors could recover investments frozen since the war in Ukraine began over two years ago.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil rose by 0.17% to $78.14 a barrel. Brent crude, the international benchmark, jumped 0.44% to $82.44 a barrel.
• Gold increased by 0.14% to $2,188.60 per ounce.
• The 10-year Treasury yield rose by 2 basis points to 4.10%.
• Bitcoin jumped 4.70% to $72,267.