A busy week began with a slow day.
On Monday, each of the major averages closed in the green, though little-changed, as investors await a busy that ramps up in intensity on Tuesday.
As Monday’s close, the Dow was up just 6 points, or 0.02%, the S&P 500 was up 3 points, or 0.1%, and the Nasdaq was up 14 points, or 0.2%. The 10-year yield settled near 2.95%.
On Tuesday, markets will be reacting to the meeting between North Korean leader Kim Jong Un and President Donald Trump in Singapore, set to take place at 9 a.m. local time, or 9 p.m. ET Monday evening.
“While the outcome of tomorrow’s summit between President Trump and Kim Jong Un is hard to predict, neither a breakthrough in talks nor another verbal spat between the two leaders would probably make much difference to equity markets in the medium term,” said Oliver Jones, a strategist with Capital Economics.
CNBC reported Tuesday that if this deal is approved, Comcast (CMCSA) will formalize its all-cash offer for Twenty-First Century Fox’s (FOXA) assets the company had agreed to sell to Disney (DIS) at the end of last year. Disney’s current agreement to acquire Fox’s studio assets is currently structured as a stock swap.
The economics calendar on Tuesday will also bring investors two pieces of closely-watched data, with the NFIB’s latest reading on small business optimism set for release in the morning as well as the May read on inflation.
The inflation data — which is expected to show “core” consumer prices that exclude the cost of food and gas rose 2.2% over the prior year in May — comes just a day ahead of the Federal Reserve’s next policy decision. The Fed is expected to raise its target range for the Federal Funds rate by 25 basis points on Wednesday, its second interest rate increase of the year.
Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland