Wall Street flat as Powell speech, retail earnings loom; Bitcoin slides

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US equities opened the week on a subdued note, with major indices showing little movement as traders stayed cautious ahead of a busy stretch of macro and corporate events.

The Dow Jones Industrial Average added about 45 points, or 0.1%, while the S&P 500 and Nasdaq Composite hovered near the flatline in early Monday trade. The muted action comes after back-to-back weekly gains, with investors now awaiting a series of retail earnings reports and commentary from the Federal Reserve.

Pharma major Novo Nordisk was among the early movers, jumping more than 4% after the US Food and Drug Administration granted accelerated approval for its weight-loss drug Wegovy to treat metabolic liver disease. On the other hand, cryptocurrency-linked stocks retreated as Bitcoin fell nearly 2% to around $115,000, sliding from last week’s record high of $124,496. Ether also lost ground, dropping 4% toward $4,300.

This week’s spotlight will be on earnings from big-box retailers such as Walmart, Home Depot, Lowe’s and Target, which are expected to provide a clearer picture of consumer spending trends. At the same time, Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium is being closely watched for signals on the timing of a potential rate cut in September.

Crypto markets are under pressure today. Bitcoin has dropped roughly 3% to around $114,700, retracing from its recent record high above $124,000. The broader crypto space reflects similar weakness, though some tokens like BIO, API3, and TST buck the trend with gains of 17%, 9%, and 7% respectively. Reports also highlight large-scale withdrawals from exchanges — signaling possible “buy-the-dip” behavior after recent gains.

Gold and other precious metals are seeing a modest recovery. Spot gold is up approximately 0.3 to 0.4%, trading near $3,348 to $3,350 per ounce. This bounce is being attributed to easing US Treasury yields and heightened geopolitical uncertainty ahead of peace talks involving Trump and Zelenskiy. Analysts cite lower yields and a softer dollar as supportive factors for gold, while silver, platinum, and palladium have also posted minor gains.