By DAMIAN J. TROISE, Associated Press Business Writer
NEW YORK (AP) — Stocks slipped in early trading on Wall Street Monday, after a big jump last week on hopes for more interest rate cuts from the Federal Reserve.
The S&P 500 fell 0.2% and is just below its all-time high. The Dow Jones Industrial Average fell 110 points, or 0.3% as of 9:57 a.m. Eastern time, pulling back from the record it set on Friday. The Nasdaq composite fell 0.1%.
Keurig Dr Pepper sank 7.9% after saying it will buy Peet’s Coffee owner JDE Peet’s in a deal worth about $18 billion.
Treasury yields rose in the bond market following their big drop on Friday amid expectations that the Fed will cut its benchmark interest rate in September.
The yield on the 10-year Treasury rose to 4.29% from 4.25% late Friday. The two-year Treasury yield rose to 3.73% from 3.70% late Friday.
European markets were mixed and Asian markets closed lower overnight.
Wall Street has a few more corporate earnings updates this week, essentially wrapping up the latest round of profit reports and forecasts from U.S. companies.
Nvidia will report its latest results on Wednesday. The company’s role as a key supplier of chips for artificial intelligence and its heavy weighting give it outsized influence as a bellwether for the broader market. It has been a driving force for much of the market’s gains, along with several other tech giants with pricey stock values.
On Thursday, Wall Street will get earnings updates from electronics retailer Best Buy and discount retailer Dollar General. Retailers are being closely watched as Wall Street tries to gauge the current and potential future impact on costs and prices from tariffs.
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