U.S. Stocks Stalled Ahead of Jackson Hole Event
(MENAFN) U.S. Stocks showed minimal movement on Monday as investors braced for the Federal Reserve’s Jackson Hole economic policy symposium later this week.
The Dow Jones Industrial Average dipped 34.3 points, or 0.08%, closing at 44,911.82. The S&P 500 slipped 0.65 points, or 0.01%, to 6,449.15, while the Nasdaq Composite inched up 6.8 points, or 0.03%, finishing at 21,629.77.
Market breadth was mixed with six of the 11 major S&P 500 sectors ending lower. Real estate and communication services lagged, declining 0.95% and 0.7% respectively, while industrials and consumer discretionary sectors led gains, rising 0.4% and 0.38%.
All eyes remain on the Fed’s annual symposium in Jackson Hole, Wyoming, where policymakers are expected to provide clues on interest rate trajectories. The CME FedWatch tool signals an 85% probability of a rate cut in September.
"The Powell I know wants to be data dependent and not make a decision before he has to," said former Fed Vice Chair Richard Clarida, now global economic advisor at PIMCO.
Tech heavyweights exerted downward pressure on the market. Meta Platforms dropped over 2%, while Microsoft, Apple, Alphabet, and Broadcom edged lower. Conversely, Tesla climbed 1.39%, with Amazon and Nvidia posting modest gains.
Investor focus will also turn to upcoming earnings from major retailers such as Home Depot, Lowe’s, Walmart, and Target, offering fresh insight into consumer strength.
"Retailer earnings reports this week are likely to reflect tariff concerns, inflation uptick and an anticipated economic slowdown," warned Scott Wren, senior global market strategist at Wells Fargo Investment Institute, adding that the recent equity rally is "likely to stall" as a consequence.
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