Wall Street ends down as traders focus on Nvidia, Fed after last week's rally
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Wall Street stocks ended lower on Monday as investors parsed the outlook for U.S. interest rates and looked ahead to AI chipmaker Nvidia's quarterly earnings this week while digesting a rally on Friday that lifted the Dow Jones Industrial Average to a record high close. On Friday, stocks jumped after U.S. Federal Reserve Chair Jerome Powell hinted at the Jackson Hole Symposium that an interest-rate cut could be considered at the central bank's September meeting, citing recent labor market weakness. "The market has a Jackson Hole hangover," said Jake Dollarhide, CEO of Longbow Asset Management in Tulsa, Oklahoma. "Investors are taking a little bit of a breather." The Personal Consumption Expenditures Price Index - the Fed's preferred inflation gauge - is due to be released on Friday, while official nonfarm payrolls data is expected next week. The reports will be crucial, especially after Powell said a rate...