Stock market today: Live updates

[Pelican Press 0]

Stock market today: Live updates

Traders work on the floor of the New York Stock Exchange.

NYSE

The S&P 500 was little changed on Monday as traders start a holiday-shortened week.

The broad market index lost just 0.1%, while the Nasdaq Composite hovered near the flatline. The Dow Jones Industrial Average lagged, falling 70 points, or 0.2%.

“We’re in little bit of wait-and-see mode ahead of retail sales tomorrow,” said ***** Mahajan, senior investment strategist at Edward Jones. “The Fed — and inflation certainly was a positive for the markets. It’s nice to see the trend of disinflation resuming after a few months of hotter-than-expected inflation prints.”

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, Alphabet and Meta Platforms slipped slightly. Verizon led the Dow’s losses, pulling back about 1.7%.

The major averages were mixed last week, with the blue-chip Dow posting its third losing week in four, while the S&P and Nasdaq rallied to record highs and notched their seventh up week in the last eight.

As Wall Street kicks off a holding-shortened trading week, with markets closed Wednesday for the Juneteenth holiday, investors will assess the sustainability of the ongoing rally and whether it can continue.

Mahajan notes that even in previous bull markets the upward price appreciation doesn’t typically move in a straight line, adding that two to three correction are typical in any given trading year.

“Overall, the fundamentals and backdrop still remain supportive, but we would expect corrections along the way,” she said.

Investors are monitoring May retail sales data, due out on Tuesday, as well as home sales and housing starts data later in the week. Lennar, Kroger, Darden Restaurants and CarMax will report quarterly earnings.

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