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.<\/p>\n
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.<\/p>\n
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%.<\/p>\n
Stocks gave back earlier gains after the survey results were issued. The numbers also come ahead of two key economic data releases.<\/p>\n
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.<\/p>\n
Shares of meme stock GameStop soared 74% after \u201cRoaring Kitty,\u201d the moniker of the Reddit trader behind 2021\u2032s short squeeze, posted online for the first time in three years.<\/p>\n
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.<\/p>\n
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.<\/p>\n<\/p>\n
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