Wall Street Drifts Near Records as Retailers Prepare for Earnings Reports

U.S. stocks are experiencing a relatively quiet day as investors await key retail data releases this week. The S&P 500 slipped 0.1% and remains near its all-time high set on Thursday, while the Dow Jones Industrial Average fell 163 points (0.3%) by 10:30 AM Eastern time.

The Nasdaq composite remained virtually unchanged in morning trading. Despite a recent boom in corporate profits, retailers are facing pressure due to rising bills and a slowing job market. Big retailers like Home Depot, Target, and Walmart will report their spring earnings this week, which may provide insight into consumer spending habits.

Oil prices continue to be a concern, with Brent crude rising 0.4% to $88.87 per barrel on Monday. The Treasury yield edged higher, reaching 4.70%, following stronger-than-expected growth in New York state's manufacturing sector.