STORY: U.S. stocks ended lower on Monday, with the Dow losing more than three-quarters of a percent, the S&P 500 shedding more than four-tenths of a percent and the Nasdaq ticking down by about two-tenths of a percent.
The slide came after a Friday jump that saw the Dow notch a record high close after U.S. Federal Reserve Chair Jerome Powell hinted that an interest-rate cut could come in September.
Liz Miller, president of Summit Place Financial Advisors, said that euphoria has waned as investors face a week full of potentially market-moving news.
“It started last weekend with excitement for Chairman Powell's comments at Jackson Hole, but now that's being digested and that rate cut in many ways was already in the market. And so I think the market's really focusing on a bunch of new news – investments by the government in companies directly, and Nvidia's earnings yet to come.”
Nvidia climbed 1% ahead of its quarterly report on Wednesday, which will be one of Wall Street's most closely watched events of the week and a crucial test of the scorching AI trade.
Other stocks on the move included Keurig Dr Pepper, which tumbled 11.5% after saying it would buy JDE Peet's for $18.4 billion in cash.
And furniture retailers RH and Wayfair each declined more than 5% after President Trump on Friday said his administration would investigate import tariffs on furniture.
