Nasdaq slips as investors await earnings reports and economic data

Major US stock indices edged lower as investors adopted a wait-and-see stance ahead of upcoming corporate earnings releases and macroeconomic data. The Nasdaq Composite fell 120.27 points, or 0.44 percent, to close at 27,245.90, while the broader S&P 500 declined 4.30 points, or 0.06 percent, to 7,807.24.

The modest declines reflect cautious sentiment among traders ahead of what is expected to be a busy week of earnings announcements from major corporations. Investors are also monitoring the economic calendar for data that could provide fresh insights into inflation trends and consumer spending patterns, which remain closely watched by market participants and policymakers.

In commodities markets, crude oil prices rallied, providing a counterpoint to the subdued performance in equities. Energy stocks were among the gainers, benefiting from the strength in oil prices amid ongoing global supply considerations.

Analysts said the mixed market action underscores the cautious approach many investors are taking as they await clarity on corporate profitability and the broader economic outlook. Market participants remain focused on the Federal Reserve's interest rate trajectory, with upcoming economic data expected to influence expectations for monetary policy in coming months.