U.S. Stocks Update: Wall Street Holds Steady Near Record Highs Ahead of a Pivotal Federal Reserve Week
Wall Street opened the week on a cautious note, hovering near its highest-ever levels as investors await a barrage of key updates from Federal Reserve Chair Jerome Powell and several of America’s largest retailers.
- The S&P 500 drifted slightly lower—less than a 0.1% drop—after enjoying three straight days of all-time highs.
- The Dow Jones Industrial Average dipped approximately 33 points, a 0.1% slide.
- The Nasdaq Composite inched up marginally, rounding out the mixed feel of Monday’s session.
U.S. Stocks Market Movers: Drug Approval and Buyout Buzz
Novo Nordisk surged, gaining just under 4%, after the FDA approved its Wegovy drug for treating MASH (Metabolic Dysfunction‑Associated Steatohepatitis), a serious liver disease affecting roughly 5% of U.S. adults.
Meanwhile, Soho House made headlines with a sharp 14.9% jump after announcing a private acquisition deal at $9 per share by a group led by hotel operator MCR.
Retailers in the Spotlight Before Earnings
With the retail earnings season underway, stocks remained mixed:
- Home Depot slipped 1.2% ahead of its Tuesday earnings report.
- Target rose 1.9%, and Walmart added 0.7%, both in anticipation of their respective reports later in the week.
These reports are seen as a window into consumer strength across different household income levels, especially as job turnover remains low—a sign of muted but persistent hiring and firing.
U.S. Stocks Market Divide: Tech Tensions and Federal Reserve Watch
A handful of Big Tech firms continue to power stock-market gains, fueled by booming demand for AI-related products and services. This concentration, however, raises concerns about market vulnerability if consumer sentiment and inflation swings shift direction.
All eyes now turn to Jackson Hole, Wyoming—home to the highly anticipated speech from Fed Chair Powell on Friday. Investors hope he’ll shed light on the Fed’s stance toward the first interest-rate cut of the year, expected in September. Meanwhile, treasury yields held firm, with the 10-year yield steady at 4.33%.
Global Markets: Cautious Moves
Internationally, European markets were mostly in decline following an unclear summit between President Trump and Russian President Putin, while Asian indices posted mixed results:
- Japan’s Nikkei 225 was modestly higher (+0.8%).
- South Korea’s Kospi fell by 1.5%
