Stock market today: US stocks slip as investors await key February inflation report

• US stocks dropped on Monday as investors await a key February inflation report.
• The February CPI report will be released Tuesday morning, and it will help inform when the Fed might cut interest rates.
• CPI year-over-year is expected to hit 3.1%, which is just above the Fed's long-term 2% target.

US stocks slipped on Monday as investors awaited the release of a key inflation report.

The February CPI report will be released Tuesday morning, and it will help inform investors when the Federal Reserve might cut interest rates.

The median forecast suggests year-over-year CPI will hit 3.1%, which still above the Fed's long-term target of 2%. The month-over-month Core CPI figure is expected to be 0.3%, which would be in line with the hotter-than-expected January CPI report.

"We lean towards this being a 'hot' CPI print, meaning the inflation for Feb core CPI likely is above the Street's +0.30% MoM," Fundstrat's Tom Lee told clients in a note on Monday.

If the stock market sells off in the face of a hot inflation report, Lee said it would likely prove to be a "buy the dip" moment, as much of the inflation in February is likely to have been driven by "residual seasonality that should fade by March," Lee said.

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

• S&P 500: 5,110.11, down 0.26%
• Dow Jones Industrial Average: 38,665.47, down 0.15% (-57.22 points)
• Nasdaq Composite: 16,005.57, down 0.45%

Here's what else is going on today:

• Bitcoin hit a record high on Monday when it jumped above the $72,000 level. The upcoming halving event has generated excitement for the cryptocurrency.
• Moscow is doubling down on its trade partnership with Beijing, outlining plans to invest billions in two key rail lines.
• No interest rate cuts in 2024 wouldn't spell doom for the broader stock market, according to billionaire investor Ken Fisher.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil fell 0.54% to $77.59 a barrel. Brent crude, the international benchmark, dropped 0.39% to $81.76 a barrel.
• Gold declined by 0.06% to $2,184.10 per ounce.
• The 10-year Treasury yield was flat at 4.08%.
• Bitcoin jumped 4.67% to $72,244.