NEW YORK – The stock market saw an increase in the S&P 500 and the Dow Jones Industrial Average on Monday as investors awaited fresh inflation and earnings data. The S&P 500 rose 0.2%, while the Dow advanced 197 points, or 0.5%. Meanwhile, the Nasdaq Composite slid 0.2%.
Stocks like Salesforce and Hershey saw some decline, but other companies such as Diamondback Energy and Meta Platforms experienced growth. The S&P 500 closed above 5,000 for the first time in history on Friday, and the broader index has risen more than 5% since the start of the year. Additionally, all three major averages are coming off their fifth straight week of gains.
UBS Global Wealth Management’s chief investment officer, Mark Haefele, believes that while U.S. stocks are currently pricing in plenty of good news, the rally has been well-supported. Over 60 names in the S&P 500 are expected to report earnings in the week ahead, which includes gig economy stocks like Lyft, Instacart, and DoorDash.
Traders will also be keeping an eye on the latest level on the consumer price index and other key economic data such as retail sales, production, imports and exports, housing starts, and the producer price index. Despite the market’s unusually strong and consistent rally over the last three months, there is a possibility of a pullback occurring soon.
Overall, the stock market performance continues to be a topic of interest for both investors and analysts as they monitor the various factors that could impact its trajectory.