Stocks Hesitate After Back-to-Back Winning Weeks
Stocks were little changed Monday as markets cooled off following a winning week as traders awaited key retail earnings and a speech from Federal Reserve Chair Jerome Powell.
The Dow Jones Industrial Average eked up 1.97 points to 44,948.09.
The S&P 500 index sagged 1.49 points to open the day and the week at 6,448.31.
The NASDAQ fell 14.41 points to 21,608.56.
Shares of Novo Nordisk added more than 4% after the company’s Wegovy obesity drug was granted accelerated approval from the U.S. Food and Drug Administration for the treatment of a serious liver disease.
Big-box retailers, including Home Depot, Lowe’s, Walmart and Target, are among the major companies slated to release results this week. Investors will parse through these reports for clues on how the U.S. consumer is doing.
The Fed will also continue to be in focus this week as central bank members travel to Jackson Hole, Wyoming, for the annual economic policy symposium.
Investors will be monitoring the event for clues about the future path of rates. Fed funds futures are pricing in a nearly 85% likelihood that the central bank cuts rates at its next policy meeting in September
Prices for 10-year Treasury lost ground Thursday, raising yields to 4.33% from Friday’s 4.32%. Treasury prices and yields move in opposite directions.
Oil prices dipped 40 cents to $62.40 U.S. a barrel.
Gold prices were static at $3,382.60 U.S. an ounce.
