S&P 500, Nasdaq extend gains ahead of inflation numbers

FILE – The New York Stock Exchange is seen on Wednesday, July 3, 2024, in New York. Shares advanced Friday, July 5, 2024, in Europe after Britain’s Labour Party prevailed over the Conservatives in this week’s national election. (AP Photo/Peter Morgan, File)

New York, United States  — The S&P 500 and Nasdaq indexes both extended earlier gains on Monday, closing at records again as investors await key inflation data later this week.

The broad-based S&P 500 Index added 0.1 percent to 5,572.85, while the tech-heavy Nasdaq Composite Index rose by 0.3 percent to 18,403.74.

The Dow Jones Industrial Average, however, retreated 0.1 percent to 39,344.79.

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The mixed movement comes ahead of more influential events this week, including earnings reports from major banks and Delta Air Lines.

Traders are also looking to consumer inflation data due Thursday, for further indications that price increases are still easing as hoped.

Evidence that inflation is coming down sustainably is expected to give the Federal Reserve greater confidence to start cutting interest rates.

The S&P 500 and Nasdaq both logged fresh highs last week after government data showed the US jobs market was cooling steadily — fueling expectations that the Fed could start rate cuts in September.

Kim Forrest of Bokeh Capital Partners noted that trading tends to be slower after a holiday period.

But “the bias has been positive, and especially positive towards tech stocks,” she added.

READ: Boeing, DoJ reach deal over MAX crashes case

Among individual companies, Boeing shares ended 0.6 percent higher after the aviation giant agreed to plead guilty to fraud in a case relating to fatal 737 MAX crashes.

The plea deal would see Boeing avoid a criminal trial.

Paramount Global shares slumped 5.3 percent after the company announced a merger deal with Skydance.