A late drop robbed the Standard & Poor's 500 of another record high on Wall Street Monday and left major indexes mostly lower after being up for much of the day.
A choppy day of trading on Wall Street ended with stocks mostly lower Monday, as a late-afternoon burst of selling derailed the market from another all-time high.
Although stocks initially rallied on the news, bonds sold off, pushing yields broadly higher. The yield on the 10-year Treasury rose to 1.63% from 1.54% late Friday. The S&P 500 fell 15.02 points to 4,682.94. The Dow gained 17.27 points to end at 35,619.25. The tech-heavy Nasdaq gave up 202.68 points, closing at 15,854.76.What supply chain mess? For Buy Nothing devotees, it’s not a problem
Still, investors are seeking reassurance about how companies will fare in coming months as they grapple with higher raw materials costs and supply chain problems that could crimp future profits. Consumers have so far absorbed higher prices, but analysts fear they could eventually rein in their spending if higher prices persist too long.
More than 55% of the stocks in the S&P 500 rose Monday, but losses by big technology and communication companies outweighed gains elsewhere in the benchmark index. Chipmaker Nvidia slid 3.1% and Netflix fell 2.9%. Companies that rely on consumer spending also weighed on the market, led by a pullback in shares of Target, which fell 2.5%, and Amazon, which lost 2.8%. Those retailers are on the cusp of the busy holiday shopping season, which traditionally kicks off right after the Thanksgiving holiday.
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