May 17 Reuters Wall Street stocks ended lower on Monday, weighed down by tech shares as signs of growing inflation worried investors about the potential for tighter monetary policy.
Of the 11 major SP sectors that declined, technology and communication services were among the biggest losers.
What is causing the decline, no surprise to anybody, is the worry about inflation and interest rates, said Sam Stovall, chief investment strategist at CFRA Research in New York.
As a result thats causing the growth group, in particular technology and consumer discretionary stocks, to experience weakness, while some of the more valueoriented groups are holding up a bit better.
The SP 500 scored its biggest oneday jump in more than a month on Friday as investors picked up beatendown stocks following a pullback earlier in the week on worries about inflation and a soonerthanexpected tightening by the U.S. Federal Reserve.
Unofficially, the Dow Jones Industrial Average fell 56.12 points, or 0.16, to 34,326.01, the SP 500 lost 10.42 points, or 0.25, to 4,163.43 and the Nasdaq Composite dropped 50.93 points, or 0.38, to 13,379.05.
Earnings this week will be scrutinized for clues on whether rising prices had any impact on consumer demand and if retailers can sustain their strong earnings momentum.
Walmart Inc, home improvement chain Home Depot Inc and department store operator Macys Inc are set to report earnings on Tuesday, with Target Corp Ralph Lauren and TJX Cos due later in the…