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 tensions after Israel and Hezbollah launched strikes.
Global benchmark Brent crude futures ( ) rose to $80.08 a barrel, while US benchmark WTI crude futures ( ) changed hands at $77.19 a barrel.
Yahoo Finance's Pras Subramanian reports: CARMEL, Calif. — McLaren CEO Michael Leiters believes that the British luxury supercar maker can succeed much like Ferrari has — but in a somewhat different way. “We have one element in our brand, and it’s belonging," Leiters, who has been at the helm of McLaren for two years after eight years as Ferrari's CTO, said in an interview with Yahoo Finance during Monterey Car Week.
"We want to have people here. ..
. We speak with everybody — no arrogance.” That could be read as a not-so-veiled swipe at Ferrari, given that the Italian luxury sports car manufacturer is notorious for secrecy, invite-only events, and only selling new vehicles to current or favored customers.
Read The markets diverged on Monday as the Dow Jones Industrial Average ( ) rose as much as over 200 points to touch a fresh intraday record. The S&P 500 ( ) erased earlier gains to fall 0.3%, while the tech-heavy Nasdaq Composite ( ) dropped more than 1%, led by a fall in shares of Nvidia ( ).
The AI chip heavyweight will report quarterly results this Wednesday after the market close. EV giant Tesla ( ) also fell more than 3%, weighing on the S&P 500 and Nasdaq. The Dow Jones Industrial Average ( ) rose more than 200 points, or 0.
5%, on Monday morning, touching a new intraday record of 41,394.10. Energy and Materials led the gains on Monday.
Meanwhile, Technology stocks lagged, with the tech-heavy Nasdaq Composite ( ) slipping as much as 0.7% while the S&P 500 ( ) fell slightly. The S&P 500 ( ) rose 0.
3% on Monday, inching closer to its July record highs. The index was less than 0.5% away from its July 16 all-time record close of 5,667.
20. The Dow Jones Industrial Average ( ) rose 0.3% on Monday.
The tech-heavy Nasdaq Composite ( ) drifted just above the flatline after opening slightly lower. Stocks traded mixed on Monday as investors turned their focus to a ( ) earnings report. The S&P 500 ( ) rose roughly 0.
1%, while the Dow Jones Industrial Average ( ) added roughly 0.2%. The tech-heavy Nasdaq Composite ( ) slipped just below the flatline after the major indexes The focus this week is .
A lot is riding on those results since the AI chip heavyweight has been a major driver of the markets this year. Nvidia stock was little changed on Monday morning following a 4.5% gain on Friday.
Stocks neared fresh record highs on Friday after Fed Chair the central bank is ready to pivot to lowering rates in September. The benchmark S&P 500 index is less than 1% away from topping the all-time closing high set in July..
