Stocks on Wall Street gave up early gains and closed slightly lower Monday as investors began another busy week of company earnings and economic reports.
Smaller company stocks also gave back some of their recent gains, nudging the Russell 2000 0.1% lower.
But this week’s array of economic reports and company earnings has left traders “a little cautious,” said Lindsey Bell, chief markets and money strategist at Ally Invest.
U.S. crude oil prices fell 4.8%, dragging energy stocks lower.
Boeing jumped 6.1% for the biggest gain in the SP 500 after it cleared a key hurdle with federal regulators and could soon resume deliveries of its large 787 airliner.
Stocks have been falling for much of the year as investors worry about high inflation and rising interest rates.
Stocks’ recent rally came as worrisome economic reports gave some investors confidence that the Fed can dial back its aggressive pace of rate hikes sooner than expected.
Several big companies are reporting earnings this week, which will give investors insight into how inflation is impacting businesses and consumers.
Posted in: Markets