S&P 500 Slips as Investors Eye Trump-Zelensky Meeting and Jackson Hole
The S&P 500 edged lower on Monday as investors stayed cautious ahead of a high-stakes meeting between U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky in Washington, as well as the upcoming Federal Reserve’s Jackson Hole Symposium.
At 11:55 ET (16:55 GMT), the Dow Jones Industrial Average slipped 38 points, or 0.1%. The S&P 500 fell 0.2%, while the Nasdaq Composite also dipped 0.2%.
Last week, all three major Wall Street indices logged their second consecutive week of gains, with the Dow, S&P 500, and Nasdaq each touching fresh record highs.
Trump-Zelensky Meeting in Focus
Zelensky is scheduled to meet Trump at the White House on Monday to discuss the outlines of a possible peace deal with Russia.
Trump wrote on Truth Social that Zelensky could end the war with Russia “almost immediately” if he agreed to Moscow’s demands. He also reiterated that Ukraine would not regain Crimea and should drop its NATO membership bid as part of any deal.
Zelensky, backed by several European leaders, said he supports a “swift and reliable end” to the conflict but insisted that Russia must take responsibility for the war.
Jackson Hole Symposium and Fed Rate Outlook
Markets are also awaiting Fed Chair Jerome Powell’s speech at Jackson Hole on Friday, which is expected to provide fresh guidance on interest rates.
Traders see an 83% chance of a 25-basis-point cut in September, according to CME FedWatch. Softer jobs data and easing consumer inflation support the case for a cut, although stronger producer price data last week reduced the likelihood of a larger 50 bps move.
Retail Earnings in Spotlight
The week also brings key second-quarter earnings from major U.S. retailers. Walmart (NYSE:WMT) and Target (NYSE:TGT) are in focus, along with Home Depot (NYSE:HD), Lowe’s (NYSE:LOW), and TJX Companies (NYSE:TJX).
Earnings reports are expected to shed light on the health of U.S. consumer spending, especially as concerns grow that Trump’s tariffs could weigh on household budgets.
So far, about 90% of S&P 500 firms have reported June-quarter results, with 81% beating analyst expectations, FactSet data showed.
Stock Movers
- Tesla (NASDAQ:TSLA) slipped after reports that it offered discounts of up to 40% on leased vehicles in the U.K.
- Novo Nordisk (CSE:NOVOb) jumped after its Wegovy obesity drug received FDA accelerated approval for treating liver disease.
