Wall Street hangs near records ahead of inflation report
NEW YORK
Wall Street held relatively steady Monday following its latest recordsetting week.
The S&P 500 slipped
4.77 points (0.1%) to 5,021.84 after closing Friday above the 5,000 level for the first time. Most of the stocks in the index rose, but losses for Microsoft and other tech companies weighed on the index.
The weakness for tech also pulled the Nasdaq down by 48.12 (0.3%) to 15,942.55. Earlier in the day, it had been hovering just above its all-time closing high set in 2021. The Dow Jones Industrial Average, meanwhile, rose 125.69 (0.3%) to 38.797.38 to set its latest record. The Russell 2000 added 35.27 (1.8%) to 2,045.26.
Conditions were calm across markets, and yields were also stable in the bond market. The next big event for the market could be Tuesday’s update on inflation across the United States. Economists expect to see a drop below the 3% level.
In the meantime, Diamondback Energy climbed 9.4% after it said it would buy Endeavor Energy Resources in a deal valued at roughly $26 billion, including Endeavor’s debt. Diamondback is using both cash and stock to pay for the purchase of the privately held exploration and production company.
Big companies in the S&P 500 have mostly been reporting better results than expected for the final three months of 2023. More than twothirds of the companies in the index have already reported their results, but several big names are still to come this week. They include Coca-Cola on Tuesday, Kraft Heinz on Wednesday and Southern Co. on Thursday.