Wall Street was flat but holding near record levels just after the open as investors awaited a fresh set of corporate earnings during week loaded with economic data (Johannes EISELE)

New York (AFP) – Wall Street was flat but holding near record levels just after the open on Monday as investors awaited a fresh set of corporate earnings during week loaded with economic data.

Markets were also absorbing an upbeat report on consumer spending for March, which showed a big jump at the end of the first quarter. 

The data come as the Federal Reserve is due to begin its latest-two day policy meeting on Tuesday but is overwhelmingly expected to leave interest rates untouched.

About 30 minutes into the trading session, the benchmark Dow Jones Industrial Average was flat 26,543.89.

The broader S&P 600 was up 0.1 percent at 2,942.76 while the tech-heavy Nasdaq had gained less than a tenth of a percentage point at 8,151.16, each adding slightly to Friday’s record finishes. 

And with American and Chinese negotiators heading into another two rounds of trade talks in Beijing and Washington, analyst Patrick O’Hare of Briefing.com said the recent bullish run was based on expectations for low interest rates, a positive resolution to the US-China trade war and receding fears of a recession.

“Might the market be due for a pullback? Sure. It hasn’t been rocked by a news catalyst, however, to spark a concerted pullback,” he wrote.

“There has been a dip here and there since the new year began, but that’s it.”

Google-parent Alphabet is due to report earnings after the close and was trading down 0.3 percent, while iPhone maker Apple is due to report earnings on Tuesday.

Economic data expected later in the week include surveys of manufacturing and services activity as well as monthly Labor Department’s data on job creation report, unemployment and wages.

Disclaimer: Validity of the above story is for 7 Days from original date of publishing. Source: AFP.