Connect with us

Hi, what are you looking for?

Income Innovator HubIncome Innovator Hub

Stock

Dow slips for first losing day in nine as consumers’ expectations for inflation rise

The Dow Jones Industrial Average slipped on Monday, snapping an eight-day winning streak, as traders grappled with rising inflation expectations ahead of key reports due later in the week.

The 30-stock Dow fell 81.33 points, or 0.21%, to close at 39,431.51. The S&P 500 inched lower by 0.02%, ending at 5,221.42. The Nasdaq Composite added 0.29%, closing at 16,388.24.

A New York Federal Reserve survey showed consumers last month raised their expectations for price increases in both the near and long term. On a one-year basis, inflation expectations rose to 3.3%. Their five-year outlook ticked up to 2.8%.

Stocks gave back earlier gains after the survey results were issued. The numbers also come ahead of two key economic data releases.

The consumer price index report is slated for Wednesday. Economists expect an April increase of 0.4% month over month and 3.4% year over year, according to Dow Jones. The producer price index, due out Tuesday, is expected to have risen 0.3% last month.

Shares of meme stock GameStop soared 74% after “Roaring Kitty,” the moniker of the Reddit trader behind 2021′s short squeeze, posted online for the first time in three years.

The 30-stock Dow is coming off its best weekly performance of 2024, rising more than 2% last week. The S&P 500 and Nasdaq climbed more than 1% each during that period.

The major averages have clawed back to within reach of their record levels set in March following a brief pullback. The Dow, S&P 500 and Nasdaq are all within 1% of their closing highs.

This post appeared first on NBC NEWS
Enter Your Information Below To Receive Latest News, And Articles.

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    WINDHAM, N.H. — It’s pouring rain Saturday morning as New Hampshire Gov. Chris Sununu (R) arrives at Mary Ann’s diner in Windham, fielding calls...

    Latest News

    Former New Jersey governor Chris Christie on Wednesday announced that he would suspend his long-shot bid for the 2024 Republican presidential nomination, clearing a...

    Economy

    As the baby boomer generation continues to pass their wealth onto the generations which followed them, a recent report has shown that the amount...

    Latest News

    A super PAC that has overseen much of Ron DeSantis’s presidential operation has fired its CEO less than two weeks after the previous chief...