Stocks Drift as Caution Reigns Before Jackson Hole – Europe Market Wrap

Stocks moved little after last week’s risk-on rally, as traders waited for clues from the Federal Reserve about the breadth of anticipated interest-rate reduction.

Contracts on the S&P 500 were relatively unchanged. Advanced shares climbed in premarket trade following an acquisition that provides data centre technologies. Shares in European defence industries, including Rheinmetall, fell following reports that Germany will no longer accept new requests for aid to Ukraine as the government seeks to reduce spending.

Traders are cautious this week after the S&P 500 nearly reached a new high last week due to a rebound in risk appetite. Following the August 5 fall, some buyers are returning to help the main US stock index regain more than half of its summer losses.

Oil fell for the fourth time in five days as traders watched US-led efforts to broker a cease-fire in Gaza’s 10-month battle, while the Russia-Ukraine crisis escalated.