Stock market today: US stocks edge lower ahead of Apple event, economic data

Traders work on the floor at the opening bell of the Dow Industrial Average at the New York Stock Exchange on March 18, 2020 in New York.Bryan R. Smith/AFP/Getty Images

• US stocks fell as bond yields increased ahead of a big week of updates for the market.

• Investors are eyeing Apple's WWDC event, a Fed meeting, and key inflation reports this week.

• The Fed is expected to leave rates unchanged but officials will offer more insight into future moves.

US stocks edged lower while bond yields rose ahead of a big week for the market.

Investors will have to navigate Apple's WWDC event, a Federal Reserve meeting, and multiple inflation reports this week, all of which could shake up stock prices.

The big May consumer price index report is set to be released Wednesday morning, ahead of the Federal Reserve's interest rate decision. Economists expect month-over-month Core CPI to have risen 0.3% last month.

Meanwhile, the Fed meeting is expected to show no changes to interest rates, but it should offer insights into what Fed members are thinking about with regard to the path of monetary policy.

"While there's no likelihood that there will be any change to rates, the FOMC's quarterly Summary of Economic Projections will be watched closely for insight into the Fed's thinking on future moves in Fed Funds," Trade Nation senior market analyst David Morrison said.

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

• S&P 500: 5,334.38, down 0.23%

• Dow Jones Industrial Average: 38,698.22, down 0.26% (-110.78 points)

• Nasdaq composite: 17,100.03, down 0.19%

Here's what else is going on today:

• Tune in live to Apple's WWDC keynote that takes place at 1:00 p.m. ET, where the company is expected to make some big AI announcements.

• China's explosive export growth could make trade tensions with America even worse.

• US solar producers could finally have a fighting chance as tariffs kick in on cheaper imports from Asia.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil rose 0.48% to $75.89 a barrel. Brent crude, the international benchmark, was higher by 0.43% to $79.96 a barrel.

• Gold edged lower by 0.01% to $2,324.70 per ounce.

• The 10-year Treasury yield jumped two basis points to 4.46%.

• Bitcoin dropped 0.29% to $691,437.

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