Wall Street holds at a standstill near its record heights

NEW YORK (AP) — Wall Street held near its record heights on Monday, ahead of a week likely to be dominated by updates from the head of the Federal Reserve and from some of the biggest U.S. retailers.

The S&P 500 barely budged and fell by less than 0.1%, coming off its first loss after setting an all-time high in three consecutive days. The Dow Jones Industrial Average slipped 33 points, or 0.1%, and the Nasdaq composite edged up by less than 0.1%.

Novo Nordisk’s stock that trades in the United States rose 3.7% after the Danish company said U.S. regulators approved its Wegovy drug as part of a treatment for a liver disease found in many overweight and obese people.

Soho House, a membership club with locations around the world, jumped 14.9% after announcing a deal where an investor group led by hotel-operator MCR would pay $9 in cash for its shares.

Several of the country’s largest retailers, meanwhile, were mixed ahead of their profit reports that are scheduled for later in the week. Home Depot, which will report on Tuesday, slipped 1.2%.

Target rose 1.9% ahead of its report on Wednesday, and Walmart added 0.7% before its report on Thursday.

They, along with companies like Estee Lauder and Ross Stores, could offer a look at how different types of U.S. households are holding up when the job market seems to have morphed into one where relatively few workers are getting fired but also hired.

Just like a small group of wealthy households are separating from the rest of the country, a handful of Big Tech companies are dominating the U.S. stock market, in part because of a boom in spending around artificial-intelligence technology.

This separation of “haves” and “have nots” in the stock market could be increasing the risk, with many companies potentially facing trouble if the economy stagnates and inflation is high, according to Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management. The danger is that investors could look at how much the broad S&P 500 index has surged since its low point in April and “extrapolate the success of the few to the gains of the many.”

On Friday, the focus will swing to Jackson Hole, Wyoming, which has been the home in past years of many big policy announcements from the Federal Reserve. There, Fed Chair Jerome Powell will give a speech, and investors are hoping to hear how his mind has changed about interest rates since he said last month that he wanted to wait longer before cutting interest rates.

The fear at that time was that President Donald Trump’s tariffs could push inflation higher. Now, though, the bigger fear could be the slowing U.S. job market following a disappointingly weak report on employment that arrived just after the Fed’s last meeting.

The Fed’s twin jobs are to keep the job market healthy while also maintaining a lid on inflation, and helping one can often hurt the other in the short term. Lower rates can boost the economy by making it cheaper for U.S. households and businesses to borrow to buy houses, cars or equipment, for example, but they also risk worsening inflation.

Inflation updates since the Fed’s last meeting have come in mixed, further muddying the picture, but traders are nevertheless strongly expecting the Fed to cut its main interest rate for the first time this year at its next meeting in September. The hope is that Powell could give a nod to that.

Expectations for cuts to interest rates have pulled Treasury yields lower lately, and they largely remained there on Monday.

The yield on the 10-year Treasury held at 4.33%, where it was late Friday.

On Wall Street, the S&P 500 edged down 0.65 to 6,449.15. The Dow Jones Industrial Average slipped 34.30 to 44,911.82, and the Nasdaq composite added 6.80 to 21,629.77.

In stock markets abroad, indexes mostly fell in Europe in their first trading after Trump’s inconclusive summit meeting with Russian President Vladimir Putin on Friday about the war in Ukraine. Trump met with Ukrainian President Volodymyr Zelenskyy on Monday.

In Asia, indexes were mixed, with Japan’s Nikkei 225 rising 0.8% and South Korea’s Kospi falling 1.5%.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Trader Michael Milano left, works on the floor of the New York Stock Exchange, Monday, Aug. 18, 2025. (AP Photo/Richard Drew)

Traders Drew Cohen, left, and Ryan Falvey work on the floor of the New York Stock Exchange, Monday, Aug. 18, 2025. (AP Photo/Richard Drew)

Trader Michael Capolino left, works on the floor of the New York Stock Exchange, Monday, Aug. 18, 2025. (AP Photo/Richard Drew)

Traders Robert Charmak, left, and Fred Demarco work on the floor of the New York Stock Exchange, Friday, Aug. 15, 2025. (AP Photo/Richard Drew)

Trader Michael Milano works on the floor of the New York Stock Exchange, Friday, Aug. 15, 2025. (AP Photo/Richard Drew)

Traders Jonathan Mueller, left, and Michael Capolino work on the floor of the New York Stock Exchange, Friday, Aug. 15, 2025. (AP Photo/Richard Drew)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won, center, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, Aug. 18, 2025. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, Aug. 18, 2025. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, Aug. 18, 2025. (AP Photo/Ahn Young-joon)

BERLIN (AP) — Standing on an open truck making its way through Berlin, Anahita Safarnejad turned to the crowd of Iranian protesters marching behind her and took the microphone.

“No more dictatorship in Iran, the mullahs must go!” she shouted. Hundreds of voices echoed her slogan with the same sense of urgency and desperation.

Across Europe, thousands of exiled Iranians have taken to the streets to shout out their rage at the government of the Islamic Republic which has cracked down on protests in their homeland, reportedly killing thousands of people.

Women have taken a prominent role in organizing the protests abroad, raising their voices against the theocratic government that discriminates against them.

But beyond the anger, there’s also a sense of fear and paralysis. Iran's government has been shutting down the internet and limiting phone calls for days, making it nearly impossible for Iranians in the diaspora to find out if their families back home are safe.

Safarnejad, 34, fled Iran seven years ago. She came to Berlin to study theater but now works in a bar when she's not attending one of the almost-daily protests in the German capital.

Since the demonstrations broke out in Iran in late December, Safarnejad said she's been living in two different realities that are almost impossible to combine. The easygoing hipster life of her new hometown is a jarring contrast to the bloody protests in Iran that she's been following every minute she doesn't have to work, glued to her phone for the latest updates.

While she was initially almost euphoric that the current uprising would finally bring freedom to Iran and she'd be able to go back home, her sense of hope has turned into horror.

Safarnejad hasn't spoken to her brother, also a protester, since communications with Iran were cut off. She's been scouring video on social media showing piles of dead bodies to see if he's among the corpses.

“I'm desperate and don't know how to keep going anymore,” she cried, tears rolling down her cheeks, as she spoke to The Associated Press during Wednesday's Berlin protest.

“I can’t really switch off. I can’t really stop reading the news either," she added, her voice breaking. “Because I’m waiting all the time for the internet to be available so I can get some answers from my family.”

The young woman's horror is felt by many of the more than 300,000 Iranians living in Germany — one of the biggest exile communities in Europe and similar in numbers to France and Britain. Many of them still have family ties to their homeland, even if they left decades ago.

Mehregan Maroufi's Persian cafe and bookstore in Berlin has become a place of solace for Iranians to share their grief without many words — because they know they are all living through the same nightmare.

Maroufi, the daughter of the late Iranian author Abbas Maroufi, welcomes Iranians and everyone else at the Hedayat Cafe, where she serves Persian tea with sweets such as chocolate cake topped with barberries. She lends an ear to anyone who has to get worries off their chest.

“For some, the emotions are still too high and too strong, so to speak, and it’s impossible to talk," the 44-year-old says, adding that she, too, had to force herself to open the cafe on some mornings because the violent images coming out of Iran sucked away all her energy.

“But at least you can find compatriots here. You can talk to a little, and that helps,” she said.

She says she's been listening to and learning from the convictions her fellow Iranians express when they talk about their dreams of an Iran after Supreme Leader Ayatollah Ali Khamenei that — due to the uprising — now seems closer that ever before.

While most in the diaspora agree that the theocracy has to be toppled, ideas of what a new Iran should look like differ widely.

Adeleh Tavakoli, 62, joined a demonstration outside Britain’s Parliament in London earlier this week. She hasn't been back to Iran in 17 years but has spent decades protesting from afar against the Islamic Republic.

But with the latest wave of protests, she hopes that the Iran’s exiled Crown Prince Reza Pahlavi, the son of the shah ousted by the Islamic Revolution in 1979, will return to power. If he does, she said, she has her bag packed and is ready to get on the first flight.

“For 47 years, our country has been captured by a terrorist regime,” she said. “We’ve been the voice of Iran. All we want is our freedom and to get rid of this horrible dictatorship.”

For Maral Salmassi, who came to Germany as a child in the 1980s, history explains the calls by exiled Iranians for Pahlavi to lead the country.

“As an Iranian, as someone who comes from this culture and knows its culture and history, I can only say that we have had kings and queens for thousands of years. It is our culture," said Salmassi. She is the chairwoman and founder of the Zera Institute think tank in Berlin, which researches democracy, radicalization and extremism.

She added that Iranians make up a multi-ethnic country and "to bring them all together again, we need a constitutional monarchy that symbolically and traditionally represents our identity and reunites everyone ... and then a democratic, federal parliament where everyone is represented equally.”

However, not everyone is convinced by Pahlavi. Maryam Nejatipur, 32, who also joined the protest in Berlin, thinks her country should avoid a cult of personality.

“We don’t need something like Khamenei again. We don’t need one person,” to lead us, she said, as she burnt a portrait of the Ayatollah and used the flames to light a cigarette — an act that's become a symbol of Iranian resistance.

Safarnejad, who led the recent Berlin protest, agrees.

“I don’t belong to the left, I’m not a liberal, I’m not a monarchist,” she stressed. “I’ve been there for women’s rights, I’m for human rights, I’m for freedom.”

Fanny Brodersen and Ebrahim Noroozi, in Berlin, and Brian Melley in London contributed reporting.

Protester Adeleh Tavakoli, left, demonstrates outside the House of Parliament, in London, Tuesday, Jan. 13, 2026. (AP Photo/Kin Cheung)

People take part in a rally in support of anti-government protests in Iran, Berlin Germany, Wednesday, June 14, 2026. (AP Photo/Ebrahim Noroozi)

Iranian Mehregan Maroufi poses for a photo before an interview with the Associated Press in her cafe in Berlin, Germany, Thursday, Jan. 15, 2026. (AP Photo/Ebrahim Noroozi)

Iranian Maryam Nejatipur 32, poses for a photo after a demonstration in support of the nationwide mass protests in Iran against the government, in Berlin, Germany, Wednesday, Jan. 14, 2026. (AP Photo/Ebrahim Noroozi)

Iranian Anahita Safarnejad, 34, poses for a photo after a demonstration in support of the nationwide mass protests in Iran against the government, in Berlin, Germany, Wednesday, Jan. 14, 2026. (AP Photo/Ebrahim Noroozi)