Stocks slipped from their record heights after a surprisingly strong report on U.S. manufacturing raised worries about how much interest rates could ease this year.
The S&P 500 fell 0.2 percent Monday, coming off an all-time high and its latest winning month. The Dow Jones Industrial Average lost 0.6 percent, and the Nasdaq composite edged up 0.1 percent.
Treasury yields climbed after a report said manufacturing unexpectedly returned to growth. That raised concerns about upward pressure on inflation, which could diminish the Federal Reserve’s desire to cut interest rates. Other updates this week could sway that view, including Friday’s jobs report.
On Monday:
The S&P 500 fell 10.58 points, or 0.2 percent, to 5,243.77.
The Dow Jones Industrial Average fell 240.52 points, or 0.6 percent, to 39,566.85.
The Nasdaq composite rose 17.37 points, or 0.1 percent, to 16,396.83.
The Russell 2000 index of smaller companies fell 21.71 points, or 1 percent, to 2,102.84.
For the year:
The S&P 500 is up 473.94 points, or 9.9 percent.
The Dow is up 1,877.31 points, or 5 percent.
The Nasdaq is up 1,385.48 points, or 9.2 percent.
The Russell 2000 is up 75.76 points, or 3.7 percent.
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