May 30, 2024
Stock Market

Indexes edge lower as rally pauses ahead of Fedspeak, jobs data

Stock traders on the exchange trading floor.

Stock tradersDrew Angerer/Getty Images

  • Stocks paused their record-setting rally as indexes pulled back on Monday.

  • Investors are gearing for Fed commentary in the week ahead.

  • Chairman Jerome Powell is scheduled to testify starting Wednesday.

US stocks edged lower to start the week, hitting pause on a record-setting rally. With earnings season largely behind investors, focus is now turning to macroeconomic data that could inform future monetary policy.

Though markets expect interest rate cuts to start in June, testimony from Federal Reserve Chairman Jerome Powell starting Wednesday may offer updates on any changes the central bank may be considering.

Though Fed commentators have pushed back on calls to cut, last week’s personal consumption expenditures reading — which stood in line with expectations — encouraged outlooks.

Other upcoming Fed speakers this week will include Philadelphia Fed President Tom Harker on Monday and presidents Neel Kashkari and Loretta Mester later in the week.

Also this week, markets will get the most up-to-date snapshot of the US labor market when the Bureau of Labor Statistics releases the February nonfarm payrolls report. Estimates are for 210,000 jobs gained last month, compared to 353,000 in January.

On Monday, the tech stocks that have led recent market highs continued their surge, helping the Nasdaq and S&P 500 notch new records on Friday. Nvidia stock was up nearly 3%, while AMD and Intel shares also gained.

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

Here’s what else is going on: 

In commodities, bonds, and crypto: 

Read the original article on Business Insider

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