Stocks slipped from their record heights after a surprisingly strong report on U.S. manufacturing raised worries about how much interest rates could ease this year.
The S&P 500 fell 0.2% Monday, coming off an all-time high and its latest winning month. The Dow Jones Industrial Average lost 0.6%, and the Nasdaq composite edged up 0.1%.
Treasury yields climbed after a report said manufacturing unexpectedly returned to growth. That raised concerns about upward pressure on inflation, which could diminish the Federal Reserve’s desire to cut interest rates. Other updates this week could sway that view, including Friday’s jobs report.
On Monday:
The S&P 500 fell 10.58 points, or 0.2%, to 5,243.77.
The Dow Jones Industrial Average fell 240.52 points, or 0.6%, to 39,566.85.
The Nasdaq composite rose 17.37 points, or 0.1%, to 16,396.83.
The Russell 2000 index of smaller companies fell 21.71 points, or 1%, to 2,102.84.
For the year:
The S&P 500 is up 473.94 points, or 9.9%.
The Dow is up 1,877.31 points, or 5%.
The Nasdaq is up 1,385.48 points, or 9.2%.
The Russell 2000 is up 75.76 points, or 3.7%.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Wondering when you'll finally be able to invest in SpaceX, StarLink, or The Boring Company? Click the link below to learn when Elon Musk will let these companies finally IPO.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
