Stocks ended mixed after a day of wavering between gains and losses Monday as the market cools off following a rare winning week. Declines in technology and communication stocks, and in several big retailers and travel-related companies weighed on the market. Those losses checked gains in energy stocks and elsewhere. Treasury yields rose. Stocks closed out last week with solid gains and the S&P 500 had its best day in two years on Friday. On Monday, the S&P 500 fell 11.63 points, or 0.3%, to 3,900.11. The Dow Jones Industrial Average fell 62.42 points, or 0.2%, to 31,438.26. The Nasdaq fell 83.07 points, or 0.7%, to 11,524.55.
Microsoft fell 1%, while Electronic Arts slid 3.5%. Amazon slipped 2.8%, and Carnival fell 2.9%. Energy stocks rose as the price of US crude oil climbed 1.9%. Exxon Mobil rose 2.5%. Investors have favorably viewed recent reports showing weak consumer sentiment and economic growth because that raises the possibility that the Fed will ease off its plan for aggressive rate hikes as economic growth slows, the AP reports. Wall Street will have a few more reports this week that could provide more insight into inflation, economic growth and the Fed's path ahead.
On Tuesday, business group The Conference Board will release its consumer confidence report for June. Spending and confidence held up well through most of the post-pandemic recovery, even as inflation rose. But record high gas prices and an overall tighter squeeze from inflation have been eating away at wallets and prompting many to shift or cut back spending. Investors will get another update on US economic growth on Wednesday when the Commerce Department releases a report on first-quarter gross domestic product.
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