The S&P 500 saw a relatively even performance, with eight of eleven sectors ending higher. Take-Two Interactive led the index with a 3.8% gain, joined by Uber (+3.7%) and GE Healthcare (+3.2%). ServiceNow, Adobe, and MSCI also posted notable gains.
On the downside, CVS Health dropped nearly 5%, while Brown-Forman, Keurig Dr Pepper, and T-Mobile lost over 3% each. The real estate and utilities sectors weighed on the broader index, highlighting investor hesitation around rate-sensitive stocks ahead of macro data.
What’s next for traders this week?
All eyes are now on the August inflation data. Wednesday’s PPI and Thursday’s CPI readings will be critical in shaping expectations for Fed policy at the September 18 meeting. Following last week’s weaker job growth figures, traders are increasingly pricing in a potential rate cut, with CME’s FedWatch tool showing rising odds for a 25 to 50 basis point reduction.
With equity indexes sitting near all-time highs during a seasonally slow period, traders will be watching closely for signs of overextension or any surprises in economic data that could spark volatility.
More Information in our Economic Calendar.