NEW YORK — U.S. stock indexes drifted to a mixed close ahead of a week full of earnings reports from Wall Street’s most influential companies and a Federal Reserve meeting on interest rates. The S&P 500 rose 0.1% Monday, coming off its first back-to-back weekly losses since April. The Dow Jones Industrial Average slipped 0.1%, and the Nasdaq composite rose 0.1%. ON Semiconductor led the market after delivering stronger profit than analysts expected.
They helped offset slides for oil-and-gas companies, which were some of the heaviest weights on the market after the price of oil sank back toward where it was two months ago. Exxon Mobil and Chevron both lost 0.9% amid worries about how much crude China’s faltering economy will burn. “AI hype days are over,” according to Bank of America strategists led by Savita Subramanian. “Time to show monetization.”
The Fed will hold its latest policy meeting on interest rates this week, and an announcement will come on Wednesday. Virtually no one expects a move then, but the widespread expectation is that it will begin easing at its following meeting in September.
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