U.S. equities struggled for direction at the start of the week, with the Dow Jones Industrial Average losing 34.30 points to 44,911.82 on Monday while the S&P 500 and Nasdaq Composite closed virtually unchanged. Index futures and early Tuesday trading remained subdued as investors waited for a wave of retail earnings and fresh guidance on monetary policy. Home Depot opened the retail reporting season by posting softer-than-expected second-quarter sales but reiterated its full-year outlook, leaving the stock little changed. Target, Lowe’s and Walmart are scheduled to report later in the week, and analysts view the group’s results as a litmus test of household demand after months of elevated borrowing costs. Market attention is focused on the Federal Reserve’s annual symposium in Jackson Hole, where Chair Jerome Powell is expected to unveil an updated policy framework and offer clues on the timing and pace of rate cuts. Traders continue to price in a quarter-point reduction at the Fed’s September meeting, though recent commentary from banks such as MUFG suggests Powell may strike a more cautious tone given still-sticky core inflation of about 3.1% and signs of cooling job growth. Global sentiment was also shaped by geopolitics. European aerospace and defence shares retreated after renewed U.S.-backed efforts to broker peace talks between Russia and Ukraine. The prospect of a truce weighed on demand for defence contractors but provided only limited relief to oil prices, which remained under pressure on expectations of a potential increase in Russian supply.