Stocks Little Changed by Noon Monday
U.S. stocks were little changed early Monday, with the market once again on the cusp of all-time highs ahead of a week of key inflation reports.
The Dow Jones Industrial Average shed 99.09 points to 44,076.52
The S&P 500 index edged up 6.99 points to 6,396.44.
Cannabis stocks jumped after The Wall Street Journal reported that President Donald Trump was considering reclassifying marijuana to a lower danger level, citing people familiar with the mater.
Cronos Group, for example, rocketed 27 cents, or 11.9%, to $2.57, while Canopy Growth leaped 38 cents, or 30.4%, to $1.63
Hershey, last down $9.06. or 4.9%, led the S&P 500 to the downside on Monday morning. The candy giant stood at $175.22 as morning became afternoon.
The NASDAQ gained 61.13 points to 21,511.15.
Those moves come after the NASDAQ ended last week at fresh closing highs, and the S&P 500 closed on the threshold of another milestone. The Dow also finished the week on a high note.
Inflation readings this week will prove a key hurdle for a broad market index near record highs. The consumer price index, which is set to be released Tuesday, and the producer price index, due out Thursday, will be critical in shaping the outlook for the direction of interest rates, especially for the Federal Reserve’s September meeting.
Hotter inflation prints could hinder the market’s advance.
Prices for 10-year Treasury were up Monday, lowering yields to 4.27% from Friday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices nosed up six cents to $63.94 U.S. a barrel.
Gold prices tumbled $81.50 to $3,409.80 U.S. an ounce.
