Futures for major U.S. indexes suggest a slightly lower open on Monday, following two strong weeks that pushed the Nasdaq and S&P 500 to record levels. Traders may use the session to take profits after the recent rally.
Market focus is on a high-profile White House meeting involving President Donald Trump, Ukrainian President Volodymyr Zelenskyy, and European leaders. The gathering follows Trump’s Friday discussions with Russian President Vladimir Putin in Alaska, which yielded some progress but no formal resolution to the Ukraine conflict.
On Sunday, Trump posted on Truth Social that Zelenskyy has the ability to act “with Russia almost immediately, if he wants to.”
Investors are also watching for insights from central bank officials at the Jackson Hole symposium later this week, as well as earnings releases from retailers such as Walmart (NYSE:WMT) and Home Depot (NYSE:HD).
Friday’s trading reflected mixed results:
- Dow Jones Industrial Average: +34.86 points (+0.1%) to 44,946.12
- S&P 500: -18.74 points (-0.3%) to 6,449.80
- Nasdaq Composite: -87.69 points (-0.4%) to 21,622.98
Despite Friday’s pullback, the weekly gains remained solid: Dow +1.7%, S&P 500 +0.9%, Nasdaq +0.8%.
Mixed economic data contributed to market caution:
- Retail sales rose 0.5% in July, matching expectations, with ex-auto sales up 0.3%.
- The University of Michigan’s consumer sentiment index fell to 58.6 in August from 61.7 in July, below the projected 62.0.
- Inflation expectations jumped, with short-term forecasts rising to 4.9% and long-term expectations to 3.9%.
- Import prices rose more than expected, while industrial output showed a slight decline.
Sector performance was uneven: semiconductors led declines, with the Philadelphia Semiconductor Index down 2.3%, and banks slid 2.0% (KBW Bank Index). Oil service and steel stocks struggled, whereas healthcare, biotech, and pharmaceutical sectors moved higher.
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