U.S. stocks are experiencing a mixed performance on Monday as investors anticipate key economic data and comments from Federal Reserve officials, seeking insights into the central bank's monetary policy outlook.
Additionally, market participants are looking forward to this week's presidential debate between Joe Biden and Donald Trump.
The Dow Jones Industrial Average is trading in positive territory at 39,403.58, up 253.25 points or 0.65 percent. However, the Nasdaq Composite is down 126.67 points or 0.72 percent at 17,562.69, pressured by a decline in technology stocks, notably Nvidia. The S&P 500 is marginally lower, down 3.37 points or 0.06 percent at 5,461.25.
Traders appear hesitant to make significant moves ahead of the release of key U.S. economic data later this week.
On Friday, the Commerce Department will release its report on personal income and spending for May, which includes inflation metrics closely watched by the Federal Reserve.
The report is expected to show a modest slowdown in the annual rate of consumer price growth, potentially influencing expectations for future interest rate adjustments.
Other reports, including new home sales, consumer confidence, durable goods orders, and pending home sales, are also expected to draw attention in the coming days.
Shares of Nvidia are down more than 5 percent. Other technology stocks such as Amazon, Broadcom, Oracle, Home Depot, Netflix, Adobe, Qualcomm, Intel, and Dell are also trading notably lower.
In contrast, Apple Inc., Berkshire Hathaway, Eli Lilly, JPMorgan Chase, Visa, Walmart, Exxon Mobil, UnitedHealth Group, Merck, Bank of America, Chevron, Coca-Cola, Wells Fargo, Verizon, Amgen, Caterpillar, Pfizer, Morgan Stanley, Honeywell Automation, and Goldman Sachs are all seeing sharp to moderate gains.
