U.S. stocks close mixed amid lack of catalyst
The Dow Jones Industrial Average slipped 34.3 points, or 0.08 percent, to 44,911.82. The S&P 500 edged down 0.65 points, or 0.01 percent, to 6,449.15, while the Nasdaq Composite inched up 6.8 points, or 0.03 percent, to 21,629.77.
Six of the 11 major S&P 500 sectors closed lower, with real estate and communication services lagging, down 0.95 percent and 0.7 percent, respectively. Industrials and consumer discretionary led the gainers, rising 0.4 percent and 0.38 percent.
The Fed remains the key focus this week as policymakers head to Jackson Hole, U.S. state of Wyoming, for the annual symposium. Markets will be closely watching for signals on the future path of interest rates. According to CME's FedWatch tool, markets anticipate an 85 percent chance of a September rate cut.
"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 for PIMCO.
Mega-cap tech shares were mostly weaker on Monday, weighing on the market. Meta Platforms fell more than 2 percent, while Microsoft, Apple, Alphabet and Broadcom edged lower. Tesla gained 1.39 percent, while Amazon and Nvidia also advanced slightly.
This week, investors will also turn their attention to earnings results from major retailers, including Home Depot, Lowe's, Walmart and Target, for fresh insight into the health of the U.S. consumer.
"Retailer earnings reports this week are likely to reflect tariff concerns, inflation uptick and an anticipated economic slowdown," said Scott Wren, senior global market strategist for Wells Fargo Investment Institute, adding that the equity rally seen in recent weeks is "likely to stall" as a result.
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