Following the lackluster performances seen in the two previous sessions, stocks continued to show a lack of direction during trading on Monday. The major averages once again spent the day bouncing back and forth across the unchanged line.
The major averages eventually ended the day little changed. While the Nasdaq inched up 0.53 points or less than 0.1 percent to 5,901.53, the Dow edged down 8.76 points or less than 0.1 percent to 20,905.86 and the S&P 500 dipped 4.78 points or 0.2 percent to 2,373.47.
The choppy trading on Wall Street came as many traders stuck to the sidelines amid a quiet day on the U.S. economic front.
The economic calendar remains relatively light throughout the week, although traders are likely to keep an eye on reports on new and existing home sales and durable goods orders.
Speeches by a number of Federal Reserve officials may also attract attention this week after the central bank’s decision to raise interest rates by a quarter point last week.
In an interview on CNBC’s “Squawk Box,” Minneapolis Fed President Neel Kashkari said he voted against the rate hike because inflation is still below the central bank’s 2 percent target.
Meanwhile, traders largely shrugged off disappointment with the outcome of the G20 meeting, where finance ministers failed to agree on a commitment to keep global trade free and open.
The token reference to trade in the G20 communique was seen as a reflection of President Donald Trump’s more protectionist policies.
Among individual stocks, shares of Esperion Therapeutics (ESPR) moved sharply higher after the lipid management company said the FDA confirmed that its LDL-C lowering program is adequate to support approval of an LDL-C lowering indication for bempedoic acid.
Aralez Pharmaceuticals (ARLZ) also posted a strong gain following news CEO Adrian Adams acquired an additional 500,000 shares of the specialty pharmaceutical company’s common stock.
Meanwhile, Aevi Genomic Medicine (GNMX) saw substantial weakness after…