The Dow Jones Industrial Average was down 0.5% at 45,404.8 intraday after closing at an all-time high Friday. The S&P 500 was down 0.1% at 6,461.6 intraday Monday, while the Nasdaq Composite rose 0.2% to 21,542.4. Among sectors, health care and consumer staples saw the biggest declines, while communication services paced the gainers.
Chipmaking giant Nvidia is scheduled to report its fiscal second-quarter results Wednesday. Tigress Financial Intelligence said Monday it expects the company to report record results amid robust demand for data center processors and its Blackwell generative artificial intelligence system.
Nvidia shares were up 1.5% intraday, the second-top gainer on the Dow.
CrowdStrike (CRWD), Snowflake (SNOW), HP (HPQ), Dell Technologies (DELL), Marvell Technology (MRVL), and Alibaba Group (BABA) are also scheduled to report results later this week.
Keurig Dr Pepper (KDP) agreed to acquire Dutch coffee maker JDE Peet's in an all-cash deal worth about 15.7 billion euros ($18.29 billion), with the US beverage company planning to separate into two independent entities after the transaction closes. Keurig Dr Pepper shares were down 9.1% intraday Monday, the steepest decline on the S&P 500.
Crescent Energy (CRGY) agreed to buy Vital Energy (VTLE) in an all-stock deal worth about $3.1 billion, including debt, to create one of the top independent oil and gas producers in the US. Crescent shares fell 4.7%, while Vital Energy jumped 15%.
US Treasury yields were higher intraday, with the two-year rate rising four basis points to 3.73% and 10-year rate increasing 1.5 basis points to 4.27%.
The personal income and outlays data for July are scheduled to be released Friday. The report includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric.
On Friday, Fed Chair Jerome Powell hinted at a potential shift in monetary policy toward lower interest rates. Downside risks to employment were rising, while the effects of tariffs on inflation were likely to be short lived, Powell said in prepared remarks for delivery at the Kansas City Fed's annual Economic Policy Symposium in Jackson Hole, Wyoming.
Markets are currently pricing in an 86% probability that the central bank will cut its benchmark lending rate by 25 basis points in September, according to the CME FedWatch tool. The remaining odds are in favor of another pause.
New home sales in the US fell last month even as median prices reached the lowest level since November, government data showed Monday.
"New home sales were little changed in July, but the pace of sales was stronger than expected due to upward revisions to sales for June," Oxford Economics said. "Price cuts and other builder incentives are keeping a floor under new home sales."
West Texas Intermediate crude oil was up 2.1% at $64.99 a barrel intraday. "Oil rose on fears of Russian supply disruptions due to sanctions and Ukrainian attacks," D.A. Davidson said in a client note.
Gold was little changed at $3,418.60 per troy ounce, while silver fell 0.9% to $38.69 per ounce.
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