NEW YORK — Wall Street drifted to a mixed closed ahead of a couple potentially market-shaking events later in the week. The S&P 500 fell 0.3% Tuesday, coming off a rare August gain that was powered by Big Tech. The Dow lost 174 points, and the Nasdaq composite eked out a tiny gain. Stocks have struggled this month as yields shot upward in the bond market. The yield on the 10-year Treasury ticked lower a day after reaching its highest level since 2007.
Nvidia, one of Wall Street's most influential stocks, swung from an early gain to a loss of 2.5% ahead of its earnings report on Wednesday, one that could be pivotal for the stock market. Dick’s Sporting Goods plunged 23.3% after its profit for the latest quarter fell well short of expectations. It also cut its forecast for earnings over the full year, citing “inventory shrink.” That’s a term the industry uses to refer to theft and other losses of goods that never become sales.
Microsoft rose 0.4% as U.K. regulators consider a revamped bid by the company to buy video game maker Activision Blizzard, which would be one of the biggest deals in tech history. More fireworks could come later this week, when Fed Chair Jerome Powell is scheduled to give a highly anticipated speech. He’ll be speaking Friday at an event in Jackson Hole, Wyoming, the site of several major policy announcements by the Fed in the past.
The Fed has already hiked its main interest rate to the highest level since 2001 in hopes of grinding high inflation down to its target of 2%. High rates work by slowing the entire economy bluntly and hurting prices for investments.
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