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2024

Stock market today: Stocks edge up after best week of the year as investors turn attention to Fed symposium

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Federal Reserve Chair Jerome Powell in Jackson Hole, Wyoming, in 2022.
  • US stocks edged higher after their best week of 2024, driven by solid economic data.
  • The S&P 500 gained nearly 4% last week, reflecting consumer resilience and a strong labor market.
  • Investors are shifting their focus to the Fed's Jackson Hole meeting and upcoming retail earnings.

US stocks edged higher on Monday after enjoying their best week of 2024.

The S&P 500 gained nearly 4% last week after a string of economic data showed continued resilience in US consumer spending and a stable labor market.

Now investors will turn their attention to the Federal Reserve's annual meeting in Jackson Hole, Wyoming, with Fed Chair Jerome Powell to give a speech on Friday.

While the Fed will not make an interest-rate decision this week, the meeting serves as a chance for Powell to prepare markets for a September interest-rate cut.

"The key is whether Fed Chair Powell is dovish. We expect this to be the case for two simple reasons: first, inflation is tracking better than consensus expected," Fundstrat's Tom Lee said in a note on Monday. "Second, labor market is softening as unemployment is rising. Why would the Fed be hawkish."

Aside from the Fed, investors will pay attention to second-quarter earnings results from retailers including Lowe's, TJX Cos., and Target, as well as commentary from the Democratic National Convention.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:

Here's what else is going on today:

In commodities, bonds, and crypto:

  • West Texas Intermediate crude oil decreased 0.17% to $75.41 a barrel. Brent crude, the international benchmark, dropped 0.24% to $79.49 a barrel.
  • Gold was lower by 0.32% to $2,529.70 an ounce.
  • The 10-year Treasury yield was up 1 basis point at 3.89%.
  • Bitcoin rose 0.73% to $58,867.
Read the original article on Business Insider