Stocks drifted lower as Wall Street’s pullback from its recent rally carried into a second week.
The S&P 500 fell 0.4% Monday. The index remains close to its highest level in a year. Tech stocks were the heaviest weights on the market and helped drag the Nasdaq to a loss of 1.2%. The Dow slipped 12 points, less than 0.1%.
This week does not have many economic or earnings reports that could help answer the main question facing markets: Will the economy be able to avoid a painful recession after global central banks hiked interest rates at a blistering pace to fight inflation?
On Monday:
The S&P 500 fell 19.51 points, or 0.4%, to 4,328.82.
The Dow Jones Industrial Average fell 12.72 points, or less than 0.1%, to 33,714.71.
The Nasdaq composite fell 156.74 points, or 1.2% to 13,335.78.
The Russell 2000 index of smaller companies rose 1.63 points, or 0.1%, to 1,823.26.
For the year:
The S&P 500 is up 489.32 points, or 12.7%.
The Dow is up 567.46 points, or 1.7%.
The Nasdaq is up 2,869.30 points, or 27.4%.
The Russell 2000 is up 62.01 points, or 3.5%.
Copyright © 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
