Following a record closing in the previous session by the S&P 500 index, US stocks finished neutral on Monday as investors prepared for the first significant inflation update of the year and the upcoming round of earnings reports.

After a record-breaking week that saw the index finish above 5,000 for the first time, the S&P 500 (^GSPC) finished slightly below the flat line. A fresh record was set by the nearly 0.3% advance in the Dow Jones Industrial Average (^DJI), while the tech-heavy Nasdaq (\IXIC) fell by 0.3% as investors await a new round of earnings reports and the first key inflation measure of the year.

Nvidia’s (NVDA) stock rose 2% on Monday to set a new milestone before returning some of the gains. Additionally, Arm (ARM), a British semiconductor designer, soared to a new high, continuing its recent upward trend.

Large tech companies have driven most of the market’s gains in equities as it has embraced a surge of better-than-expected corporate earnings reports.

All eyes will be on the upcoming quarterly earnings season, which will include highlights from Coca-Cola (KO), John Deere (DE), Airbnb (ABNB), and Kraft Heinz (KHC).

However, the next potential bump in the road will arise this week when the Consumer Price Index is expected to release its January reading on Tuesday. Along with a consumer spending read, the CPI print will provide investors with their first insight into how low inflation is running in 2024. That will establish expectations for the timing and speed of the interest rate cuts the Federal Reserve will implement through the year.

Because the Fed has been issuing cautionary notes, traders have been scaling back their bets on a rate decrease in March. Investors will hear more from the Fed on Monday, with regional presidents Neel Kashkari, Michelle Bowman, and Tom Barkin scheduled to make statements.