Stock market today
A mixed close for the US stock market today. Nasdaq underperformed, and Dow Jones outperformed. The closing numbers for the US stock market today follow.
S&P 500: 4,468.73,+10.15(+0.23%)
Dow 30: 34,871.01,+263.29(+0.76%)
Russell 2000: 2,238.37,+10.82(+0.49%)
Stock market news
“Stocks pared gains to trade mostly lower on Monday, with the S&P 500 poised to extend losses into a sixth straight day.
The Dow added about 100 points, or 0.3%, during intraday trading. Shares of Apple (AAPL) led the way higher as the stock shook off losses from Friday, which came after a California judge issued a permanent injunction against the iPhone-maker’s App Store policies amid an antitrust lawsuit with Epic Games. Investors also awaited a highly anticipated Apple event on Tuesday, which is expected to serve as the forum for the unveiling of a new iPhone and other hardware.
The S&P 500 and Nasdaq turned lower Monday afternoon after opening in positive territory. Equity investors digested heightened regulatory scrutiny in China after the Financial Times reported that Beijing was aiming to break up financial technology company Alipay and separate its lucrative lending business. Shares of Chinese technology giants including Alibaba (BABA) — which owns a stake in Ant Group — and Tencent (TCEHY) dropped in early trading.
Traders this week are set to closely eye new data on U.S. inflation and consumer spending. The former will be monitored to signal whether upward price pressures during the recovery have extended further, and whether the Federal Reserve may need to step in sooner rather than later to stave off a lasting jump in inflation. Consensus economists expect Tuesday’s consumer price index (CPI) to rise by 5.3% in August over last year, pulling back from July’s more than decade-high annual rise of 5.4%.
“Global supply problems could put some further upward pressure on inflation in the near term, but the increase in inflation experienced in the immediate wake of the COVID crisis is close to peaking and we expect headline inflation to fall back in every major advanced economy in 2022,” Capital Economics economist Jack Allen-Reynolds wrote in a note Monday morning.”