Traders work on the floor of the New York Stock Exchange on the last day of trading for the year on Dec. 29, 2023.
Spencer Platt | Getty Images News | Getty Images
Stocks were little changed Monday as traders grappled with rising inflation expectations ahead of key reports due later in the week.
The Dow Jones Industrial Average slid 0.1%, while the S&P 500 hovered near the flatline. The Nasdaq Composite added 0.3%.
A New York Federal Reserve survey showed consumers last month increased their expectations for price increases in both the near and long term. On a one-year basis, inflation expectations rose to 3.3%. Their five-year outlook ticked up to 2.8%.
Stocks gave back earlier gains after the survey results were released. The numbers also come ahead of two key releases.
The consumer price index report is slated for Wednesday. Economists expect an April increase of 0.4% month over month and 3.4% year over year, according to Dow Jones. The producer price index, due out Tuesday, is expected to have risen 0.3% last month.
Shares of meme stock GameStop soared 87% after “Roaring Kitty,” the moniker of the Reddit trader behind 2021’s short squeeze, posted online for the first time in three years.
The 30-stock Dow is coming off its best weekly performance of 2024, rising more than 2% last week. The S&P 500 and Nasdaq climbed more than 1% each during that period.
After a brief pullback, the major averages have clawed back to within reach of their record levels set in March. The Dow, S&P 500 and Nasdaq are all within 1% of their all-time intraday highs.