News
Stock market news for May 13, 2024
Traders work on the floor of the New York Stock Exchange on the last trading day of the year, December 29, 2023.
Spencer Platt | Getty Images News | Getty Images
O Dow Jones Industrial Average fell on Monday, snapping an eight-day winning streak, as investors 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. O S&P 500 fell 0.02% to end at 5,221.42. O Nasdaq Composite added 0.29% to close at 16,388.24.
A New York Federal Reserve The survey showed that consumers last month increased their expectations for short- and long-term price increases. On a one-year basis, inflation expectations rose to 3.3%. The five-year outlook rose to 2.8%.
Stocks gave back earlier gains after the survey results were released. The numbers also come before the release of two important economic data.
The consumer price index report is expected on 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, to be released on Tuesday, is expected to have risen 0.3% last month.
Meme Stock Stocks GameStop shot 74% after “Roaring Kitty,” the nickname of the Reddit trader behind the 2021 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 rose more than 1% each during that period.
The main averages returned to reach the record levels established in March, after a brief pullback. The Dow, S&P 500 and Nasdaq are all within 1% of their closing highs.