S&P Cautious, Hopes to Build on Records

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

The Dow Jones Industrials lost 44.97 points to 38,544.19.

The much-broader index gave back 5.14 points to 5,426.46.

The NASDAQ was in the minus column 15.99 points, to 17,672.89.

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

Nvidia shares rose as much as 1.4% to hit a record high. Nvidia has been on a tear this year thanks to unrelenting enthusiasm around artificial intelligence. Monday’s gain was short lived, however, with the stock last down 0.6%.

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.

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.

Prices for the 10-year Treasury sagged, lifting yields to 4.29% from Friday’s 4.21%. Treasury prices and yields move in opposite directions.

Oil prices gained 83 cents to $79.28 U.S. a barrel.

Gold prices fell $11.90 to $2,337.20

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