The main Wall Street indices are moving unevenly as investors assess key reports from retail chains and await the minutes from the Federal Reserve’s latest meeting, AFP reported.

About 15 minutes after the opening bell, the Dow Jones Industrial Average added 0.1% to 44,984.72 points, while the broad S&P 500 fell 0.3% to 6,390.30 points. The tech-heavy Nasdaq Composite declined 0.9% to 21,120.54 points.

This follows U.S. retailer Target exceeding profit expectations despite a drop in sales, while home improvement company Lowe’s also reported results above forecasts. However, Target shares dropped 8.7% at the session’s start following the earnings announcement and the appointment of a new CEO, while Lowe’s shares rose 1.0%.

The technology sector remains under pressure, noted Art Hogan of B. Riley Wealth Management, pointing out that tech stocks fell amid warnings that the enthusiasm around artificial intelligence may be overblown.

The focus this week is on Federal Reserve Chair Jerome Powell’s speech at the annual central bankers’ meeting in Jackson Hole, Wyoming. Markets will closely watch his remarks for signs of whether the Fed is likely to cut interest rates in September, as officials balance the risks of inflation against labor market weakness.

Hogan cautions that Powell is typically “restrained in forecasting Fed actions at upcoming meetings,” which may disappoint investors. Meanwhile, observers will pay close attention to the release of the central bank’s meeting minutes. | BGNES