S&P 500 edges lower as investors hold their breath ahead of economic data
investors took a pause ahead of economic data and Fed Chair Jerome Powell's congressional testimony.
Apple closed down 2.5% following a $2-billion EU antitrust fine for preventing Spotify and other music streaming services from informing users of payment options outside its App Store.
Rallies in chip stocks, including Nvidia, helped advance the S&P 500 to fresh intraday records during the session as investors continued to bet on demand for products powering artificial intelligence (AI) even though were broadly cautious ahead of economic data.
But the S&P 500, after turning slightly positive late in the day, started to lose ground again in the last hour of trading to fall back into the red in the last few minutes of trading.
«This is one of those days where investors are on hold for the economic data that's coming out later this week,» said Burns McKinney, portfolio manager, NFJ Investment Group.
Investors were waiting for insights into the U.S. economy's health from key monthly data such as readings on the service sector, due on Tuesday, and non-farm payrolls data due Friday, according to Scott Wren, senior global market strategist at Wells Fargo Investment Institute.
«The market is still trying to digest what the outlook is for the economy, earnings and the Federal Reserve,» said Wren but he noted that both institutional and retail investors have some fear of missing out as they watch stocks hit fresh records.
«There's institutional money that can't sit on the books and watch the S&P 500 go higher every day
