After a wild week of economic data and earnings, stocks (and investors) might just want to sit back and take a breather. They're certainly taking one today. Heading into midday, the Nasdaq, S&P 5000, and Dow are down 0.22%, 0.11%, and 0.03% respectively. The Russell 2000 is the sole gainer, up 0.22% at last check.
And that's because later this week they'll definitely need the energy. This week investors will be treated to one of the premier economic events of the year: Fed Chairman Jerome Powell's speech at the central bank's annual Jackson Hole conference. And in light of recent economic data, Powell's commentary might set the pace for what we can expect from the Fed during the remaining months of his leadership.
Monday Reading:
By extension, it also could set the tone for markets. Aside from earnings and policy, the Fed's interest rate cuts are seen as one of the biggest influences in the stock market. Lower rates are seen lifting equity valuations, already at records, to new heights. But if their assumptions about the timeline are off, they might end up blindsided this Friday.
Between now and then investors will get even more earnings and data to make it through the week to the big finale. After the tepid Monday moves, investors can expect earnings from Palo Alto Networks, Fabrinet and Blink Charging today. And throughout the week, they can expect results from Home Depot, TJX, Walmart, and others.
-- Noah Weidner, markets reporter
TurboTax Via TheStreet
