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The Dow Jones Industrial Average dropped 0.4 per cent to close at 39,357.01, while the broad-based S&P 500 remained flat, finishing at 5,344.39. Meanwhile, the tech-heavy Nasdaq Composite Index edged up 0.2 per cent to 16,780.61 read more
 "Wall Street sees mixed trading as investors await inflation data")
Wall Street investors adopted a cautious stance ahead of the anticipated release of US inflation data. AP
Wall Street experienced a mixed trading session on Monday (August 12), as investors adopted a cautious stance ahead of the anticipated release of United States inflation data later this week.
The Dow Jones Industrial Average dropped 0.4 per cent to close at 39,357.01, while the broad-based S&P 500 remained flat, finishing at 5,344.39. Meanwhile, the tech-heavy Nasdaq Composite Index edged up 0.2 per cent to 16,780.61.
Market movers
Despite a broad weakening of stocks on Wall Street, a 4.1 per cent surge in Nvidia helped to offset some of the losses. As one of the largest U.S. stocks by market value, Nvidia’s performance has a significant impact on the S&P 500 and other major indices.
KeyCorp also saw a substantial gain, jumping 9.1 per cent following the announcement of a $2.8 billion investment from the Bank of Nova Scotia. The Cleveland-based regional bank stated that the capital injection would enable further expansion in its investment banking and wealth management divisions.
On the downside, Hawaiian Electric experienced a sharp decline, with its shares plunging 14.5 per cent. The company reported weaker-than-expected results for the spring and raised concerns about its ability to continue operating for another year without securing financing to cover an estimated $1.71 billion in liabilities linked to the Maui windstorm and wildfire.
Investors eye US inflation data
Looking ahead, investors are focused on the upcoming US inflation report, due on Wednesday (August 14), which is expected to influence market direction this week.
“It’s a pretty benign expectation,” commented Timothy Graf, a senior macro strategist at State Street. “Inflation is really not the problem it once was.”
Graf added, “The balance of risks is that policy has been too tight for too long. Now you’re starting to see that show up in the labour market.”
As markets await the data, the report is likely to provide further insight into the Federal Reserve’s future policy direction and its impact on the broader economy.
With inputs from agencies
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English (US) ·