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Wall Street Hesitates Ahead of Bank Results, Powell Testimony This Week
The current market is positive and stable to an almost unprecedented degree, said Mark Hackett, head of investment research at Nationwide. It’s extremely rare to see this kind of consistent gains with almost zero volatility.
Gains in technology stocks, including several chipmakers, tempered declines in communications services, energy and other S&P 500 sectors. Nvidia rose 2%, Broadcom added 1.7% and Advanced Micro Devices rose 3.1%.
Specialty glass maker Corning jumped 11.7% in one of the market's biggest gains Monday after raising its sales forecast.
Struggling aircraft maker Boeing rose 0.5% after agreeing to plead guilty to a criminal fraud charge stemming from two 737 Max jetliner crashes that killed 346 people. The government determined the company violated an agreement who had protected him from prosecution for more than three years.
Entertainment Giant Paramount Global fell 4.4% after agreeing to merge with Skydance.
Traders are eagerly awaiting several earnings reports this week, including updates from Delta Air Lines on Thursday.
JPMorgan, Citigroup and Wells Fargo will report earnings on Friday. The banks' latest updates could give Wall Street a clearer picture of how consumers are handling their rising debt and how worried banks are about payments and possible late payments.
Federal Reserve Chairman Jerome Powell will address Congress on Tuesday and Wednesday. The central bank has kept its benchmark interest rate at its highest level in more than two decades in an effort to tame inflation.
The Fed's goal is to bring inflation down to 2% without slowing economic growth too much. Inflation still weighs on consumers, but it has fallen significantly from its peak two years ago. Economic growth has slowed this year, but it remains relatively strong amid a strong job market and consumer spending.
The central bank will provide an update on consumer inflation on Thursday. Wall Street expects the latest government report to show inflation fell to 3.1% in June from 3.3% in May.
A report on inflation at the wholesale level, before costs are passed on to consumers, is due on Friday.
Inflation appears to be hovering around 3% by most measures. That has prompted the Fed to be more cautious and dampened expectations for the number of rate cuts expected this year. Most experts expect the Fed to cut rates this year, but not before September. The Fed will hold its next policy meeting later this month.
Treasury yields remained relatively stable in the bond market. The yield on the 10-year Treasury note fell to 4.27% from 4.28% late Friday.
European stocks were mixed after Elections in France Parliament was split between the left, the centre and the far right, with no political faction managing to secure a majority.
Stocks in Asia fell.
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AP Business reporters Zimo Zhong and Matt Ott contributed to this report.
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