US open: Stocks mostly higher as investors eye Jackson Hole

US stocks were mostly higher at the open on Monday, having hit two month-lows last week.

At 1450 BST, the Dow Jones Industrial Average was down 0.3%, but the S&P 500 and the Nasdaq were 0.3% and 0.7% firmer, respectively.

The S&P 500 closed Friday’s session at 4,369.71, its lowest close since 26 June, with the index on track for its worst monthly loss of the year.

Eyes were already starting to turn to the Federal Reserve’s annual Jackson Hole conference on Thursday to Saturday, after the minutes from the recent FOMC meeting drove 10-year Treasury yields to a 15-year high last week.

Joshua Mahony, chief market analyst at Scope Markets, said: "A quiet start to the week for US markets today, with the session largely devoid of any notable economic data and corporate earnings. Instead, markets look ahead to a week that will be dominated by Nvidia earnings and Friday’s appearance from Powell at Jackson Hole.

"Coming as Q2 earnings season drifts toward its completion, the reality is that Nvidia provides the most important bellwether for the most important sector."

Corporate news was thin on the ground, although Zoom was slated to report earnings after the close.

Palo Alto Networks surged more than 15% after beating estimates with its quarterly earnings after the closing bell on Friday.

Later in the week, earnings are due from retailers such as Macy’s, Nordstrom and Kohl’s.