Mixed Day for Wall Street Amid Caution Ahead of Key Economic Reports
Wall Street's main indexes showed mixed performance on Monday as investors remained cautious after last week's rally. Key economic reports and Federal Reserve policymakers' comments are anticipated this week. While CVS Health gained, automakers Ford and GM saw declines. The Nasdaq Composite recorded a slight increase.
Investors demonstrated caution on Wall Street Monday, leading to mixed outcomes for major indexes. This pause follows last week's rally, with anticipation building for key job reports and Federal Reserve commentary throughout the week. As of 9:47 a.m., the Dow fell by 0.54%, the S&P 500 dipped 0.08%, whereas the Nasdaq saw a 0.25% increase.
Eight of the eleven S&P 500 sectors saw losses, with Materials facing the steepest drop of 0.8%, although it previously recorded its best week since December. Friday marked record highs for the Dow, while the S&P 500 hovered near its milestone, contributing to a five-month streak of gains, defying September's historically weaker performance in equities.
The investment community remains on edge ahead of pivotal Federal Reserve statements and significant economic data releases this week. CVS Health's stock climbed 3.3% with news of upcoming executive meetings, while Ford and GM saw declines after Stellantis reduced its annual forecast. Additionally, Alibaba, Li Auto, and PDD experienced gains following China's banking stimulus measures.
(With inputs from agencies.)
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