Stocks gave up some of their recent gains Monday, though the selling eased toward the end of the day, leaving the major indexes mixed. The S&P 500 slipped less than 0.1% after having been down 0.3% in the early going. The benchmark index, which is coming off two straight weekly gains, is within 0.2% of the all-time high it reached a month ago. The Dow Jones Industrial Average also closed lower, while the Nasdaq notched a modest gain. Small-company stocks far outpaced the rest of the market. The quiet opening to the week follows several choppy weeks as investors continue to gauge the economy’s recovery and the risks of rising inflation. Wall Street faces a relatively light week of economic data, though investors will get more information on how much consumer prices rose last month on Thursday. AMC stock is riding the Reddit wave:What is a meme stock and is it right for your market portfolio? “The market is treading water right now and waiting for another catalyst to move higher,” said Sam Stovall, chief investment strategist at CFRA. The S&P 500 fell 3.37 points to 4,226.52. The Dow lost 126.15 points, or 0.4%, to 34,630.24. The Nasdaq rose 67.23 points, or 0.5%, to 13,881.72. The Russell 2000 index of smaller companies gained 32.76 points, or 1.4%, to 2,319.18. Banks, industrial stocks and materials companies helped pull the broader market lower. Communications companies and health care stocks made solid gains. Facebook rose 1.9%, while drugmaker Moderna rose 6.6% after it sought regulatory authorization in Europe to let adolescents receive its COVID-19 vaccine. Biogen soared 38.3% for the biggest gain in the S&P 500 after the Food and Drug Administration said it approved the company’s drug for treating Alzheimer’s disease. Biogen’s drug is the first Alzheimer’s disease treatment approved by the FDA in nearly 20 years.
Markets in Europe closed mostly higher, while Asian markets ended mixed.