Wall Street started the week with a slight dip as investors turned their focus to upcoming labor market data and Federal Reserve Chair Jerome Powell's testimony before Congress. The S&P 500 slipped 0.1% early Monday after achieving its latest all-time high this year and marking its 16th winning week in the last 18. The Dow Jones Industrial Average fell 151 points, or 0.4%, while the Nasdaq composite edged down 0.1%.
Powell is scheduled to appear before Congress on Wednesday and Thursday for his semi-annual testimony. Investors will closely monitor his remarks for any indications regarding potential interest rate cuts by the Fed. The Federal Reserve has raised its main interest rate to the highest level since 2001 to combat rising inflation following the economic recovery from the 2020 COVID-19 recession.
