The Dow and S&P 500 slipped on Monday, the first session after the biggest weekly percentage gains for the indexes this year, as investors gauged the likely path of interest rates from the Federal Reserve ahead of key U.S. inflation data due later in this holiday-shortened week. Canada’s main stock index also ended lower, pressured by losses for industrial shares.
Last week, the Fed maintained its guidance for three interest-rate cuts this year, and the S&P 500 and Dow had strong gains while the Nasdaq notched its biggest weekly percentage gain since mid-January. The S&P/TSX Composite Index squeaked to its first record closing high since 2022.
On Monday, Chicago Fed President Austan Goolsbee said he had penciled in three rate cuts for this year, while Fed Governor Lisa Cook said the central bank needs to proceed with caution as it decides when to start cutting interest rates.
“It’s a breather, the market has held really well, so…
