K:CC - U.S. Indexes Track Lower Ahead of Inflation Data
The S&P 500 slipped on Monday as the rally that brought the major averages to record highs cooled off. Investors also looked ahead to fresh U.S. inflation data.
The Dow Jones Industrials recovered 50.87 points to conclude Monday at 38,769.66.
The broader index slid 5.75 points to 5,117.94.
The NASDAQ slumped 65.84 points to 16,019.27.
Monday's action follows a losing week for the major averages, pulling the S&P 500 and NASDAQ off all-time highs. Notably, the 30-stock Dow recorded its worst weekly performance since October.
Information technology stock Super Micro Computer dropped more than 5%, while chipmaker Nvidia fell 2%. Both moves come as investors question if stocks tied to artificial intelligence have more room to run after monster rallies.
Meta also struggled, with the Facebook parent tumbling 4.4%. Outside of tech, pharmaceutical stock Eli Lilly dropped more than 3%.
Traders are preparing for February's consumer and producer price indexes — which are set to release Tuesday and Thursday, respectively. These are among the last major economic reports before Federal Reserve leaders convene for their March policy meeting.
Prices for the 10-year Treasury lost ground, raising yields to 4.10% from Friday's 4.08%. Treasury prices and yields move in opposite directions.
Oil prices inched up seven cents to $78.08 U.S. a barrel.
Gold prices added two dollars to $2,187.50.