The Nasdaq and S&P 500 rose to a fresh record highs on Monday to close out a mixed trading session, with the Dow and slipping lower, ahead of the Federal Reserve's key monetary policy decision later this week.
The central bank's two-day policy meeting will likely decide how the market trades this week, as market participants are becoming increasingly concerned that current inflation trends are here to stay, which could led the Fed to raise interest rates sooner than previously expected.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
JPMorgan Chase stockpiling cash to prepare for long-term inflation:
JPMorgan Chase
"We have a lot of cash and capability and we're going to be very patient, because I think you have a very good chance inflation will be more than transitory," said Dimon, quoted by CNBC. "If you look at our balance sheet, we have $500 billion in cash, we've actually been effectively stockpiling more and more cash waiting for opportunities to invest at higher rates. I do expect to see higher rates and more inflation, and we're prepared for that."
Here's how the market stood in the afternoon:
S&P 500 Index: -0.24% or -10.34 points to 4,237.10
Dow Jones Industrial Average: -0.69% to -237.58 points to 34,242.02
Nasdaq Composite Index: +0.40% to +56.10 points to 14,125.52
Tesla to accept bitcoin for purchases again in the future:
Over the weekend, Tesla
"When there's confirmation of reasonable (-50%) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions," Musk tweeted in reply on Sunday.
Earlier this year, Tesla had revealed in an U.S. Securities and Exchange Commission (SEC) filing that it had purchased $1.5 billion worth of bitcoin and would begin accepting it as a payment method for its products. However, the company paused car purchases with bitcoin over concerns over mining energy use.
Musk has become a market-mover for the digital currency, with his comments having the power to sway trading.
Lordstown Motors CEO, CFO resign:
Lordstown Motors
The executive departures follow the electric truck maker disclosing that it doubts it will have enough cash to continue operations in the next year without a cash infusion.
The company stated that it lead independent director, Angela Strand, has been appointed executive chairman and will oversee the firm's transition until a permanent CEO is hired. The company also named Becky Roof as interim CFO, effective immediately.
Here's how the market started trading after market open:
S&P 500 Index: -0.04% or -1.50 points to 4,245.94
Dow Jones Industrial Average: -0.08% or -28.20 points to 34,451.40
Nasdaq Composite Index: -0.00% or -0.06 points to 14,069.36
