Dow Dragged by J.P. Morgan
U.S. stocks ended with minor losses on Monday, as investors moved cautiously ahead of central bank meetings and some key data releases later this week. The Dow Jones Industrial Average lost 2.65 points, or 0.02%, to 13,073.01, led by a 2% drop in J.P. Morgan Chase & Co. (NYSE:JPM) shares. The S&P 500 fell 0.67 point, or 0.05%, to 1,385.30. The Nasdaq Composite fell 12.25 points, or 0.41%, to 2,945.84.
Traders have bet that the Federal Reserve and the European Central Bank will suggest further action to stimulate their economies is on the way when each meets later this week.
European Central Bank President Mario Draghi must back up his pledge to do what it takes to protect the euro when the bank’s policymakers meet on Thursday or else face deep disappointment from investors hungry for – and expecting – immediate action.
Shares of JPMorgan Chase & Co. fell Monday, a day after a Deutsche Bank Securities analyst downgraded the bank’s stock, citing several factors that could weigh on shares following a rally in recent weeks.
Jury selection began on Monday in a high-stakes U.S. patent battle between Apple Inc (NSQ:AAPL) and Samsung Electronics Co Ltd, the culmination of more than a year of pretrial jousting with billions of dollars in the balance.
Crude-oil futures ended lower Monday, snapping a four-day winning streak as investors took a breather ahead of potential central-bank action in the U.S. and in Europe. Crude for September delivery ended 35 cents lower, or 0.4%, to $89.78 a barrel on the New York Mercantile Exchange.