by Pauline Foret

(Reuters) – The New York Stock Exchange opened slightly higher on Monday, with major indexes little changed after posting their best weekly performance on Friday and ahead of the Jackson Hole symposium.

In early trading, the Dow Jones index gained 52.76 points, or 0.13%, to 40,712.52 points, and the broader Standard & Poor’s 500 rose 0.10% to 5,560.00 points.

The Nasdaq Composite gained 0.11%, or 18.76 points, to 17,650.48 points.

All three major indexes jumped last week as a series of economic data were released that were seen as reassuring amid fears of a U.S. recession.

Goldman Sachs has now cut its estimate of the probability that the world’s largest economy will enter recession in the next 12 months to 20% from 25% previously.

Investors are now eagerly awaiting the minutes of the Federal Reserve’s latest meeting, which are due to be released on Wednesday, as well as Jerome Powell’s speech at the Jackson Hole symposium.

Over the weekend, Chicago Fed President Austan Goolsbee said a decision not to cut rates next month could hurt the jobs market, while San Francisco Fed President Mary Daly said it was time to consider adjusting borrowing costs.

Markets are also awaiting comments from Fed Governor Christopher Waller, scheduled for later in the day.

In stocks, Liquidia lost 37.35% after the FDA refused to give final approval to the pharmaceutical group’s drug for hypertension.

Estée Lauder fell 1.61% after reporting somewhat disappointing fourth-quarter results and announcing that its chairman and CEO will step down by the end of fiscal 2025.

HP fell 2.48% after Morgan Stanley lowered its recommendation on the stock to in-line weight.

(Written by Pauline Foret, edited by Kate Entringer)

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