US stocks were little changed at market open on Monday as investors gear up for the final stretch of earnings. The focus on chipmaker earnings may settle the long‑debated valuation debate. The S&P 500 index was trading flat at 9:50 a.m. in New York after Friday’s all‑time highs, bolstered by jobs data that showed the U.S. economy unexpectedly shed jobs in July—a development that could prompt the Federal Reserve to delay interest‑rate increases.

Meanwhile, the technology‑heavy Nasdaq 100 index slipped 0.1 %. Investors are also watching the upcoming earnings of Applied Materials Inc., Lumentum Holdings Inc., and Cisco Systems Inc. to gauge how chip valuations hold up. These results could provide the confirmation needed for the sector’s valuation narrative.

The market’s flatness signals caution as investors anticipate the Fed’s next move. Analysts note that if the CPI shows inflation cooling, the Fed might keep rates steady, but any surprise uptick could restart the tightening cycle.

With the Consumer Price Index (CPI) data still pending, market participants remain wary of a shift in monetary policy that could influence equity valuations and trading dynamics.