U.S. stocks ended mixed as investors await a speech clarifying policy outlook from Federal Reserve Chair Jerome Powell
Indexes: Dow down 0.3%, S&P 500 down 0.1%, Nasdaq up 0.6%erased early gains to close nearly flat on Monday as expectations that the Federal Reserve will become less aggressive with its interest rate hikes were offset by lingering worries about inflation.Investors are awaiting comments Tuesday from Fed Chair Jerome Powell, who some strategists expect could say more time is needed to show inflation is under control.
Money market bets were showing 77% odds of a 25-basis point hike in the Fed's February policy meeting. A consumer prices report due Thursday could be key for rate expectations, said Quincy Krosby, chief global strategist, LPL Financial in Charlotte, North Carolina. "The CPI report this week is going to be essential for fine-tuning the Fed funds futures market."
Investors also may have sold some shares after recent strong market gains, said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. "You're seeing a little bit of profit-taking ahead of the CPI number due out this week."
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