S&P 500 Snaps Four-Day Winning Streak to Kick Off Fed Week
A trader works on the floor of the NYSE in New York.
Photographer: Michael Nagle/BloombergA rally in US stocks hit a wall on Monday as traders looked past a widely expected interest-rate cut later this week and assessed the latest corporate news.
The S&P 500 Index shed 0.4% in New York after four straight days of gains. The technology-heavy Nasdaq 100 Index fellcag 0.3%. Paramount Skydance Corp. launched a hostile takeover bid for Warner Bros. Discovery Inc. at $30 a share in cash on Monday, just days after the company agreed to a deal with Netflix Inc. In addition to clues on monetary policy, Wall Street will also get earnings readouts in the coming days from Oracle Corp. and Broadcom Inc., linchpins of the artificial intelligence trade.