US stocks closed mixed as investors await Federal Reserve Chairman Jerome Powell's speech on the direction of interest rates at the Jackson Hole conference this week.
The focus this week is the Fed's annual symposium in Jackson Hole from August 21 to 23, where Powell's speech is expected to provide clues on the economic outlook and monetary policy.
Harris Financial Group partner James Cox said investors are taking a cautious approach ahead of the Jackson Hole conference with expectations that Powell is likely to be more hawkish than the current market.
The S&P 500 index fell 0.59% to 37.78 points, the technology-focused Nasdaq fell 1.46% to 314.82 points, while the Dow Jones was flat at 10.45 points.
In other news, Home Depot Inc. rose 3.17% despite missing quarterly results, while home improvement rival Lowe's gained 2.18%.
Investors are also looking ahead to earnings reports from major retailers Lowe's, Walmart Inc. and Target Corporation this week for clues on the health of the U.S. consumer.
Meanwhile, Intel shares also jumped 7% after the chipmaker received a $2 billion capital injection from Japan's SoftBank.
Palo Alto Networks shares rose 3.06% after the cybersecurity company forecast fiscal 2026 profit to beat market expectations.
