Rally Pauses, Indexes Step Back

The S&P 500 slipped on Monday as the broad market index retreated from its record notched last Friday and investors awaited key inflation data.

The Dow Jones Industrials tailed off 62.3 points to end Monday’s session at 39,069.23.

The much-broader index fell 19.27 points to 5,069.53.

The NASDAQ index lopped off 20.57 points to 15,976.25.

Amazon joined the 30-stock Dow on Monday, replacing Walgreens Boots Alliance. The Dow’s holdings are weighted according to stock price, not market cap. The addition of the e-commerce giant will increase the index’s exposure to tech and consumer retail. Amazon shares inched lower by 0.15%.

New home sales in January came in below economists’ estimates as mortgage interest rates remained elevated. Sales of new single-family homes came in at 661,000 for the month, an increase of 1.5%, according to seasonally adjusted numbers the Census Bureau and Department of Housing and Urban Development released Monday. The total missed the Dow Jones estimate for 680,000 and 2.4%, respectively.

There’s a raft of economic releases on deck, including January durable orders data on Tuesday and January wholesale inventories on Wednesday. Consumer spending and PCE numbers will come out on Thursday.

Prices for the 10-year Treasury sank, raising yields to 4.28% from Friday’s 4.25%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.10 to $77.59 U.S. a barrel.

Gold prices slid $7.50 to $2,041.90.



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