US stocks were mixed in choppy trading on Monday with tech leading the declines as investors weighed the imminent arrival of interest rate cuts and braced for a ( ) earnings report. The Dow Jones Industrial Average ( ) briefly touched new intraday records before giving up its gains to hover near the flatline. The S&P 500 ( ) slipped 0.
4%, while the tech-heavy Nasdaq Composite ( ) sank 1% as shares of chip heavyweight Nvidia dropped. Tesla ( ) stock also fell 3%, contributing to losses on the Nasdaq and S&P 500. Stocks are coming off weekly gains, notched after Chair the Fed is ready to pivot to lowering rates in September.
The major indexes . Markets quickly moved to by the end of 2024. But with only three Fed meetings left in the year — in September, November and December — and the August jobs report still to come, Wall Street is wondering when and whether a 0.
5% cut is likely. Now the focus is — the marquee event of the week — which will likely determine whether the market mood stays upbeat. If the chipmaker's results on Wednesday fail to meet sky-high expectations, that could further dent the that — and, in turn, put the market's rebound from August lows to the test.
Also ahead is a Friday update on Fed policymakers' preferred inflation gauge, the PCE index print, is likely to feed into rate-path calculations. Also on decks is a reading on second quarter GDP on Thursday. Meanwhile, amid reports of production shutdowns in Libya and fears of escalating Mideast tens.