Wall Street retreats with data, Fed comments in focus
- Wall Street's main indexes edged lower on Monday as investors awaited fresh economic data and comments from Federal Reserve officials throughout the week for more clarity on monetary policy.) jumped 4.5% after a report that activist investor Starboard Value had bought a roughly $500 million stake in the software maker.The blue-chip Dow was the only major index to post weekly declines on Friday, while the Nasdaq notched its fifth consecutive record closing high.
"The fact that the rally has been driven mostly by a select few stocks, that would mean that the pullback could be even deeper."Markets are also keeping a close eye on upcoming comments from the New York Fed's John Williams, Philadelphia Fed's Patrick Harker and Fed Board Governor Lisa Cook. Recent hawkish projections from the Federal Reserve have somewhat contrasted several data releases pointing to growing weakness in the economy. The central bank dialed back their projections for three rate cuts in 2024 to just one on Wednesday.
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