Stocks Drift Ahead of AI Boom Report and Fed Speech

U.S. stocks are drifting ahead of a big week, with potentially market-moving events on the horizon. The S&P 500 slipped 0.2% on Monday and pulled further from its all-time high set earlier this month. The Dow Jones Industrial Average edged up by 67 points, while the Nasdaq composite fell 0.5%. This coming week will be significant for Nvidia's profit report, which could provide insight into the strength of the AI boom.

The Federal Reserve Chairman Kevin Warsh is also scheduled to give a speech on Friday, when pressure is rising on him to raise interest rates to combat inflation. Longer-term yields eased in the bond market after oil prices dipped. The market's cautious approach ahead of these key events suggests that investors are waiting for more concrete signs before making major moves.