Stock market today: US stocks mixed as Wall Street gears up for big week of AI updates

On the economic front, investors will hear from nine Federal Reserve officials on Monday and Tuesday.

• US stocks traded mixed on Monday after last week's rally to record highs. 
• Investors are preparing for a big week of AI updates, with Nvidia earnings on deck.
• Microsoft is set to unveil new product and AI updates at its 2024 Build conference.

US stocks were mixed on Monday, wavering slightly after last week's run to record highs in the wake of an encouraging April inflation report. 

Investors' main focus this week will be on artificial intelligence, with Nvidia earnings set to be released after the market close on Wednesday. Investors expect the company to report quarterly sales of nearly $25 billion, which is about four times the $6.5 billion in revenue it did in the year-ago quarter.

Microsoft's 2024 Build Conference is the other big AI event of the week, and will showcase new hardware and software products from the company.

"We expect Microsoft to push Copilot further into its consumer/enterprise product stack and more integration with Excel, Teams, Word along with new Surface products and Windows features front and center," Wedbush analyst Dan Ives said in a Monday note.

On the economic front, investors will be hearing from nine Federal Reserve officials on Monday and Tuesday. Data releases this week include the minutes from the Fed's May FOMC meeting, existing home sales on Wednesday morning, and PMI data on Thursday.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday: 

• S&P 500: 5,310.23, up 0.16%
• Dow Jones Industrial Average: 39,926.77, down 0.20% (-79.18 points)
• Nasdaq composite: 16,760.43, up 0.44%

Here's what else is going on today:

• Veteran tech analyst Gene Munster said he expects an AI boom in the stock market that will lead to a bubble within the next five years.
• The ongoing threat of an economic recession appears real as 19 states see a rise in their unemployment rate.
• The global stock market rally has even helped boost China's fledging equity market. Analysts think there's more room to run.
• Morgan Stanley's CIO and long-time bear Mike Wilson threw in the towel and turned bullish on the stock market, boosting his S&P 500 price target 20% to 5,400.

In commodities, bonds, and crypto: 

• West Texas Intermediate crude oil dropped 0.68% to $79.04 a barrel. Brent crude, the international benchmark, fell 0.60% to $83.48 a barrel. 
• Gold edged higher by 0.26% to $2,423.70 per ounce. 
• The 10-year Treasury yield rose 2 basis points to 4.44%. 
• Bitcoin jumped 1.18% to $67,051.