US stocks change slightly ahead of Federal Reserve symposium
(MENAFN) According to reports, U.S. stock markets ended Monday largely unchanged as investors awaited insights from the Federal Reserve’s upcoming Jackson Hole economic policy symposium.
The Dow Jones Industrial Average fell 34.3 points, or 0.08 percent, closing at 44,911.82. The S&P 500 declined slightly by 0.65 points, or 0.01 percent, to 6,449.15, while the Nasdaq Composite gained 6.8 points, or 0.03 percent, ending at 21,629.77.
Among the 11 major S&P 500 sectors, six closed lower, with real estate and communication services leading the declines at 0.95 percent and 0.7 percent, respectively. Industrials and consumer discretionary sectors were the top performers, rising 0.4 percent and 0.38 percent.
Market attention is focused on the Fed’s annual gathering in Jackson Hole, Wyoming, where policymakers are expected to provide guidance on the trajectory of interest rates. According to the CME FedWatch tool, traders currently see an 85 percent probability of a rate reduction in September.
"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 serving as global economic advisor for PIMCO.
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