A mixed and muted session for US equity markets as investors eye inflation and retail sales figures later in the week - Dow fell -141-points or -0.36%, with Boeing Co (down -2.25%) and Procter & Gamble Co (-2.19%) both down over >2%.
The broader S&P500 settled flat . Real Estate (down -0.64%) and Communication Services (-0.62%) both fell over >0.6% to lead eight of the eleven primary sectors lower. Information Technology (up +0.92%) and Energy (+0.49%) sat atop the primary sector leaderboard overnight. KeyCorp jumped +9.1% to be the leading performer in the S&P 500 following news that Bank of Nova Scotia (down -3.42%) acquired a 14.9% stake in the bank for US$2.8B. Starbucks Corp rose +2.58% after The Wall Street Journal (WSJ) reported that hedge fund Starboard Value has taken a stake in the world's biggest coffee chain and was calling for changes. The WSJ noted that the move came as Starbucks is in settlement discussions with activist investor Elliott Investment Management, which it previously reported had taken a large stake in the company and also called for changes. Albemarle Corp shed -6.92% to be the worst-performing stock in the S&P 500 as the world's biggest lithium producer continues to feel the negative effects of slumping lithium prices (which have slumped more than >80% since the start of 2023).