Nvidia Earnings Report Looms Large as US Stocks Close Mixed
US stocks closed mixed on Monday as investors waited for market-moving events later in the week. The S&P 500 slipped 0.3% to 7,652.86, while the Dow Jones Industrial Average rose 140 points or 0.3%. Nvidia sank 2.9%, weighed heavily on the index with a loss of 21.51 points.
The bond market eased slightly after the U.S. Treasury Department's surprise move last week to increase planned buybacks of Treasurys. The yield of the 10-year Treasury fell to 4.70% from 4.74% on Friday, but analysts warn that this may have only a limited effect in containing rising yields.
The Federal Reserve's new chairman, Kevin Warsh, is set to deliver a speech at an economic symposium in Jackson Hole, Wyoming on Friday. Investors are unsure of what they may get from Warsh this time around, with expectations high for him to talk about inflation and the Fed's potential reaction.
South Korea's Kospi fell 3.1% and Hong Kong's Hang Seng dropped 1.9% in stock markets abroad.