S&P 500 in holding pattern ahead of Powell, jobs data By Investing.com

Investing.com– U.S. equities were mixed at the open on Tuesday morning following a record-setting close for the S&P 500 and the Nasdaq in the previous trading session.

While the S&P 500 and the tech-focused Nasdaq Composite posted record high closes on Monday, the Dow ended the day more than 100 points lower, a decline of about 0.3%.

is flat at the open, while declined 0.1%. In contrast, the gained 0.1%. 

Traders are looking ahead to and speeches from Fed Governor Adriana Kugler and Chicago Fed President Austan Goolsbee scheduled for the afternoon.

Fedspeak, payrolls data awaited 

Focus this week is on addresses from a slew of Fed officials, most notably , for more cues on the central bank’s plans for interest rates.

While markets have so far maintained expectations for a December rate cut, the longer-term outlook is more uncertain, especially on the prospect of inflationary policies under a Trump administration. 

Trump’s protectionist stance on trade and immigration is expected to potentially underpin inflation, keeping rates relatively high in the long term. 

Focus this week is also on key data for November, due on Friday. Strength in the labor market is expected to deter the Fed from cutting rates too quickly. 

Fed Governor Christopher Waller said on Monday that while he leaned towards a 25 bps cut in December, data due in the coming days was likely to factor into the central bank’s decision. 

Tesla falls as Delaware court rules against $56 bln Musk pay package

Among major aftermarket movers, Tesla Inc (NASDAQ:) fell more than 1% after a Delaware court upheld its decision to invalidate Elon Musk’s $56 billion compensation package.

The decision came even as Tesla shareholders voted to reinstate the package, and was deemed excessive by the court, which had first struck down the package in January. 

Still, Tesla shares remained close to their highest levels since early-2022, as investors bet that the firm will benefit from Musk’s growing influence in Washington. 

Tech puts S&P 500, Nasdaq at record highs, Dow lags 

Gains in technology stocks underpinned Wall Street indexes on Monday, although the Dow fell from recent peaks amid some weakness in economically sensitive sectors. 

The rose 0.2% to 6,047.15 points- a record high- while the surged nearly 1% to a record high of 19,403.58 points. The fell 0.3% to 44,782.0 points. 

Heavyweight tech stocks were the biggest boost to Wall Street, with the “Magnificent Seven” rising between 1.3% and 3.5%.

(Ambar Warrick and Navamya Acharya contributed to this article)