Stocks edged lower on Monday as a four-week rally encouraged investors to book profits ahead of a Federal Reserve Board meeting and earnings from some of the nation's largest retailers later this week.
U.S. stocks rallied on Friday, pushing the Standard & Poor's 500 Index to a 10-month high as a better-than-expected July jobs report underpinned hopes that the economy was on the cusp of a recovery.
Wal-Mart Stores Inc
Warren Buffett's Berkshire Hathaway Inc
We have a quiet day ... with some profit-taking and data due later in the week, said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.
Even with the broader S&P index now up more than 48 percent from its 12-year closing low in early March, Ablin said the market is not poised for a pull-back as buyers are still waiting to get into the market.
The Dow Jones industrial average <.DJI> was down 10.35 points, or 0.11 percent, at 9,359.72. The Standard & Poor's 500 Index <.SPX> was down 1.75 points, or 0.17 percent, at 1,008.73. The Nasdaq Composite Index <.IXIC> was down 2.08 points, or 0.10 percent, at 1,998.17.
Electronic retailer Best Buy Co Inc
Shares of Freddie Mac
Investors will continue to hunt for signs of economic improvement from the Fed's two-day meeting that begins Tuesday. The central bank is expected to hold rates near zero, but investors are closely watching for signals of an exit strategy from the Fed's efforts to prop up the financial system.
Also later this week, July retail sales data as well as quarterly scorecards from major retailers, including Wal-Mart, J.C. Penney Co
(Editing by Padraic Cassidy)