Stock market today: US stocks steady as countdown to Jackson Hole begins

US stocks were broadly steady on Monday after posting their best week in a year, as investors began counting down to a speech by Fed Chair Jerome Powell at Jackson Hole that could reset rate-cut expectations. The S&P 500 rose 0.1% to hover near record highs, while the Dow Jones Industrial Average also wavered around the flatline. The tech-heavy Nasdaq Composite rose 0.1%.

Focus is already turning to Powell's speech at the central bank's Jackson Hole symposium on Friday, in a quiet week for economic data. As confidence in a "soft landing" for the economy grows — Goldman Sachs now sees a lower likelihood of recession — the question for investors isn't whether the Fed will lower interest rates in September, but by how much. As of Monday morning, traders are pricing in a 72% chance the Fed will reduce rates by 0.

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