Shares of manufacturing and transportation companies ticked down as traders awaited a speech from Federal Reserve Chairwoman Janet Yellen at the Jackson Hole, Wyo., central bankers' symposium.
"The question is how much new information we'll get from Friday's speeches by Fed Chair...Yellen and European Central Bank President Mario Draghi," said Joe Kinahan, chief market strategist at TD Ameritrade, in a blog item. "The answer might not be much...still, listen closely for any hints about the Fed's balance sheet or interest rate plans."
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Mr. Kinahan noted that the odds of a December rate hike are now below 40%, based on prices in futures markets, down from more than 50% a month earlier. Ms Yellen may address the "stubbornly low inflation" that has prompted many traders to bet against hikes. On the other hand, Mr. Draghi may address rising inflation in the euro zone and how that affects his policy plans, Mr. Kinahan said.
Beacon Roofing Supply agreed to buy U.S. building-materials distributor Allied Building Products Corp. from Irish firm CRH for $2.63 billion in cash.
-Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
August 24, 2017 16:43 ET (20:43 GMT)