Stock market today: Wall Street wavers ahead of bank earnings and Powell testimony this week
Stocks are wavering on Wall Street and hovering around the record highs they set last week
NEW YORK — Stocks are wavering in afternoon trading on Wall Street Monday, hovering around the record highs they set last week.
The S&P 500 was mostly unchanged. The Nasdaq rose 0.3%, and the Dow Jones Industrial Average gave up an early gain and was down 49 points, or 0.3% as of 12:03 p.m. Eastern.
Specialty glassware maker Corning surged 10.7% for one of the biggest gains in the market after raising its sales forecast.
Troubled airplane maker Boeing rose 1% after agreeing to plead guilty to a criminal fraud charge stemming from two crashes of 737 Max jetliners that killed 346 people. The government determined the company violated an agreement that had protected it from prosecution for more than three years.
Entertainment giant Paramount Global fell 2.8% after it agreed to merge with Skydance.
Traders are looking ahead to several earnings reports this week including updates from Delta Air Lines on Thursday.
JPMorgan, Citigroup and Wells Fargo will report results on Friday. The latest updates for banks could give Wall Street a clearer picture on how consumers are handling increased debt and whether banks are worried about payments and potential delinquencies.
Federal Reserve Chair Jerome Powell addresses Congress on Tuesday and Wednesday. The central bank has kept its benchmark interest rate at its highest level in more than two decades in an effort to tame inflation.
The Fed's goal is to cool inflation back to 2% without slowing economic growth too much. Inflation is still squeezing consumers, but it has fallen significantly from its peak two years ago. Economic growth has slowed this year, but it remains relatively strong amid
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