US Stocks Steady Ahead of Key Events as Oil Prices Dip
US stock markets were steady Monday ahead of a packed week with potentially market-moving events. The S&P 500 slipped 0.3% and pulled further from its all-time high set earlier this month.
The Dow Jones Industrial Average was up 49 points, or 0.1%, as of 9:35 am Eastern time, while the Nasdaq composite fell 0.6%. Tech stocks led the decline, with chip giant Nvidia down 0.7% and Micron Technology dropping 5.5%.
The bond market was also a focus, where longer-term Treasury yields climbed through the summer on inflation worries. However, analysts warn that recent efforts by the US Treasury Department to calm the market could have limited effects due to the small size of planned buybacks.
Oil prices also dipped, with Brent crude falling 1.3% to $91.51 per barrel, which may help curb inflation concerns. The Federal Reserve's new chairman, Kevin Warsh, is set to deliver a speech on Friday at an economic symposium in Jackson Hole, Wyoming, which could provide further insight into the central bank's plans.