US stocks close mixed as investors await this week’s Fed testimony

U.S. Federal Reserve Board Chairman Jerome Powell arrives at a news conference at the headquarters of the Federal Reserve on December 13, 2023 in Washington, DC.Win McNamee/Getty Images

Stocks ended mixed on Monday as investors looked ahead to Jerome Powell’s testimony this week.

Fed policy will also be informed by the latest jobs data, set for release on Friday.

Nvidia and Super Micro Computer rose over 3% and 19% on Monday.

US stocks were mixed on Monday, with limited upside for the S&P 500 and Nasdaq. It’s a marked slowdown from last week’s record-setting rally, as investors hold back ahead of key central bank commentary.

Federal Reserve Chairman Jerome Powell is set to testify before Congress on Wednesday and Thursday. Though markets still expect interest rate cuts to start in June, his comments could clarify where monetary policy is headed.

“While a lot of economists are expecting Chair Powell to reiterate many of his comments that he made at the end of the January Fed meeting, there’s always the potential some surprises which could lead to some volatility,” Commonwealth Financial Network Director of Fixed Income Sam Millete said.

Alongside Powell, this week will also feature other Fed speakers. That includes Philadelphia Fed President Tom Harker on Monday and presidents Neel Kashkari and Loretta Mester later in the week.

Policy will further be informed by the upcoming February nonfarm payrolls report, scheduled for release on Friday. Estimates are for 210,000 jobs gained last month, compared to 353,000 in January.

While broader market moves were muted on Monday, tech stocks continued their upswing. Chipmakers Nvidia and Super Micro Computer led with gains of over 3% and 19%, respectively.

Here’s where US indexes stood at the 4:00 p.m. closing bell on Monday: 

Here’s what else is going on: 

Story continues

In commodities, bonds, and crypto: 

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