Stock Market Today: Wall Street Wobbles Ahead of Bank Results and Powell Testimony This Week

NEW YORK (AP) — Stocks are reeling in afternoon trading on Wall Street Monday, hovering near last week’s record highs.

The S&P 500 was largely 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%, at 12:03 p.m. Eastern time.

Specialty glassware maker Corning rose 10.7 percent, one of the biggest gains on the market, after raising its revenue forecast.

Embattled planemaker Boeing rose 1% after agreeing to plead guilty to criminal fraud charges stemming from two crashes of 737 Max jetliners that killed 346 people. The government ruled that the company an agreement breached who had protected him from persecution for more than three years.

Entertainment giant Paramount Worldwide fell 2.8% after the company agreed to a merger 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 are scheduled to report earnings Friday. The latest updates for banks could give Wall Street a clearer picture of how consumers are coping with increased debt and whether banks are worried about payments and potential defaults.

Federal Reserve Chairman 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 curb inflation.

The Fed’s goal is to cool inflation to 2% without slowing economic growth too much. Inflation is still weighing on consumers, but it’s down significantly from its peak two years ago. Economic growth has slowed this year but remains relatively strong amid a solid labor market and consumer spending.

The central bank will get more updates on consumer inflation on Thursday. Wall Street expects the latest government report to show inflation falling to 3.1% in June from 3.3% in May.

A report on wholesale inflation is expected on Friday, before costs are passed on to consumers.

Inflation appears to be hovering around 3% by most measures. That has prompted the Fed to be more cautious and temper expectations for the number of rate cuts expected this year. Most experts expect one rate cut from the Fed this year, but not until September. The Fed will hold its next policy meeting later this month.

Treasury yields were relatively stable in the bond market. The yield on the 10-year Treasury rose to 4.29% from 4.28% Friday night.

European stocks were mixed after French elections The legislature was divided into left, center and far right, with no political faction approaching a majority.

Stocks in Asia fell.


AP Business journalists Zimo Zhong and Matt Ott contributed to this report.

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