Stocks Move Lower After Back-to-Back Winning Weeks

Stock futures traded lower Monday as markets cooled off following a winning week on hopes for rate cuts from the Federal Reserve. Futures for the Dow Jones Industrials backed up 36 points, or 0.1%, to 45,004. Futures for the S&P 500 lost 7.25 points, or 0.1%, to 6,464.25 Futures for the NASDAQ slid 38.5 points, or 0.2%, to 23,766. Tesla shares dipped about 0.7% after The Times of London reported that the electric car maker is now offering discounts of up to 40% on leased vehicles in the country as sales slump. The Fed will continue to be in focus this week as central bank members travel to Jackson Hole, Wyoming, for the annual economic policy symposium. Investors will be monitoring the event for clues about the future path of rates. Fed funds futures are pricing in a nearly 85% likelihood that the central bank cuts rates at its next policy meeting in September. Beyond economic policy, traders will be monitoring earnings reports due over the course of the week as the season winds down. Big-box retailers, including Home Depot, Lowe’s, Walmart and Target, are among the major companies slated to release results this week. Of the more than 92% of S&P 500 companies that have already reported this quarter, almost 82% have reportedly surpassed Wall Street’s expectations. In Japan, the Nikkei 225 surged 0.8% Monday, while in Hong Kong, the Hang Seng ducked 0.4%. Oil prices poked ahead 30 cents to $63.10 U.S. a barrel. Gold prices vaulted $11.80 at $3,394.20 U.S. per ounce.