U.S. stocks were split Monday as technology companies continued to climb, but Boeing and other industrial companies gave back some of the ground they won on Friday.
Companies like Apple and Alphabet, Google’s parent company, and chipmakers including Micron Technology have led the market’s recovery in recent weeks. Retailers including Amazon and Starbucks also made headway.
Inflation has been the market’s dominant concern over the last six weeks, and two more measuring sticks of inflation will be reported this week as the Labor Department discloses data on consumer prices Tuesday morning and producer prices on Wednesday.
The Federal Reserve is gradually raising interest rates to keep inflation in check, and it expects to boost rates at least three times this year. JJ Kinahan, chief market strategist for TD Ameritrade, said investors are looking at a lot of data but are really asking one question.
“If you think about the selloffs that we’ve had, they’ve all been about ‘are we going to get a fourth rate hike or aren’t we?”’ he said.
The S&P 500 index fell 3.55 points, or 0.1 percent, to 2,783.02. The Dow Jones industrial average declined 157.13 points, or 0.6 percent, to 25,178.61. Almost all of that loss came from three industrial stocks: Boeing, Caterpillar and United Technologies.
The Nasdaq composite finished at another record high after it added 27.51 points, or 0.4 percent, to 7,588.32.