US stocks experienced mixed performance on Tuesday as investors watchfully awaited crucial inflation data and the start of earnings season.

While the Dow Jones Industrial Average remained relatively unchanged, the S&P 500 and Nasdaq Composite Index both posted modest gains.

Wednesday’s highly anticipated Consumer Price Index (CPI) report is expected to reveal continued inflationary pressures.

However, experts believe investors should divert their attention toward upcoming corporate earnings and how businesses are navigating these elevated costs.

Analysts anticipate an aggregate 5% growth in first-quarter earnings for S&P 500 companies, a modest decline from the 7.2% growth in the previous quarter.

Companies’ financial performance should be the primary indicator of market direction, rather than the CPI numbers, which are expected to remain elevated.

Notably, stocks related to cryptocurrencies and blockchain technology experienced declines in line with the drop in Bitcoin prices, with Coinbase Global facing a 5.2% loss.

In contrast, shares of Google’s parent company, Alphabet, rose by over 1%, bringing it close to reaching a $2 trillion market capitalization.

Additionally, Moderna’s stock surged by over 6% following positive results from an early-stage trial of its individualized cancer vaccine, developed in collaboration with Merck.

Investors should focus on corporate earnings over CPI numbers

Analysts expect a 5% growth in first-quarter earnings for S&P 500 companies, highlighting the importance of company financial performance as a market indicator.

Cryptocurrency-related stocks saw declines while Google’s parent company, Alphabet, performed well

Coinbase Global faced a 5.2% loss due to the drop in Bitcoin prices, while Alphabet’s shares rose over 1%.

Moderna’s stock surged on positive cancer vaccine trial results

Moderna’s stock jumped over 6% following the promising outcomes of an early-stage trial of its personalized cancer vaccine.