Dow Opens Slightly Higher; PPD Stock, Gold Price in Focus

After a furious climb in stocks in recent weeks, some calm has descended on Wall Street.

Major indexes were little changed early Tuesday as earnings season winds down. But the IPO market is heating up: Fast-fashion giant Shein filed Monday for what could be one of the biggest market debuts in years.

What could break the reverie? One potential catalyst would be evidence inflation is refusing to return to the Federal Reserve’s target, which could encourage the central bank to keep interest rates at high levels next year. Another would be a big move in oil prices. So watch for surprises at Thursday’s OPEC+ meeting.

Stock indexes made mostly muted moves. The S&P 500 and the Nasdaq Composite were about flat, while the Dow industrials rose 0.3%. The S&P 500 is on track for its biggest one-month advance since July 2022.

Cboe’s Volatility Index, or VIX, stood at less than 13. It has fallen from over 20 in mid-October, a sign investors anticipate fewer gyrations in stocks that make up the S&P 500.

Carlyle was among stocks making moves. Shares rose on news the buyout group will join the S&P MidCap 400 index. Micron slipped after projecting higher expenses.

Benchmark Treasury yields slipped. Ten-year yields traded around 4.367%. They have retreated from almost 5% in mid-October on expectations that the Fed will cut interest rates next year.

Oil prices rose. Brent crude futures gained about 2%, extending a volatile spell ahead of the OPEC meeting. Up for discussion: whether to extend, or deepen, production cuts.

U.S. home prices rose in September. They hit a new record, powered by short supply, according to fresh data.

Coming up: Investors are awaiting fresh inflation data later this week. The next reading of the personal-consumption expenditures price index, the Fed’s preferred inflation gauge, comes out Thursday.