Printable Page Headline News   Return to Menu - Page 1 2 3 5 6 7 8 13
 
 
Wall Street Ends Monday Flat           08/08 15:55

   Major stock indexes on Wall Street gave up early gains and ended a choppy 
day of trading little changed Monday.

   (AP) -- Major stock indexes on Wall Street gave up early gains and ended a 
choppy day of trading little changed Monday.

   The S&P 500 and Nasdaq each slipped 0.1% after shedding gains of 1% and 
1.6%, respectively. The Dow Jones Industrial Average closed 0.1% higher.

   Small-company stocks outpaced the broader market in a sign that investors 
were confident about the economy. The Russell 2000 rose 1%.

   The market's latest gyrations came as investors prepare for a busy week of 
economic updates that could help answer whether the Federal Reserve's efforts 
to cool the economy and quell inflation are working, or whether the central 
bank will continue aggressively raising interest rates. Wall Street is worried 
that the Fed could hit the brakes too hard and cause a recession.

   "Early indications of inflationary pressures appear to be easing, which will 
be an important catalyst for the market," said Quincy Krosby, chief global 
strategist for LPL Financial.

   The S&P 500 fell 5.13 points to 4,140.06, while the Nasdaq slid 13.10 points 
to 12,644.46. The Dow added 29.07 points to close at 32,832.54. The Russell 
2000 rose 19.38 points to 1,941.21.

   The benchmark S&P 500 index is coming off three consecutive weekly gains. 
Investors remain focused on inflation and its impact on businesses and 
consumers, along with the Federal Reserve's efforts to fight higher prices. The 
central bank has been aggressively raising interest rates to pump the brakes on 
economic growth and rein in record-high inflation. The Fed is expected to hike 
short-term interest rates by another 0.75 percentage points at its next meeting.

   The Federal Reserve Bank of New York on Monday released a survey of consumer 
expectations from July showing that there were "substantial declines" in 
inflation expectations for everything from food and gas to home prices.

   The Labor Department will release its July report for consumer prices on 
Wednesday, followed by its report for prices at the wholesale level on Thursday.

   This week's inflation updates follow reports last week showing the 
employment market remains strong. While that's good for the economy, it has 
complicated the job of the Fed, which may be forced to continue with aggressive 
interest rate hikes intended to cool the economy and soaring inflation.

   Investors are still reviewing the latest round of corporate earnings, which 
could also provide more details on how hard inflation is hitting consumers and 
businesses. Nvidia fell 6.3% for one of the biggest declines in the S&P 500 
after it warned investors that its second-quarter revenue will fall short of 
forecasts because of weaker gaming revenue.

   Generic drugmaker Viatris rose 3.7% after beating Wall Street's 
second-quarter earnings and revenue forecasts.

   Technology stocks were the biggest drag on the market Monday, outweighing 
modest gains in other sectors. Pricey stocks in the sector tend to push the 
market higher or lower with more weight. Microsoft fell 0.9%.

   Retailers and communications stocks were among the biggest winners. Best Buy 
rose 2.8% and Facebook's parent, Meta Platforms, rose 1.9%.

   Clean energy companies gained ground following the Senate's approval for 
Democrats' big election-year economic package, which includes funding to help 
fight climate change. First Solar rose 4.7%.

   Bond yields fell. The yield on the 10-year Treasury, which influences 
interest rates on mortgages and other consumer loans, slipped to 2.76% from 
2.83% late Friday.

    

 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN