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Stocks slip on Wall Street, pulling S&P 500 below record

UPDATED: Mon., June 14, 2021

This photo from May 19, 2021, shows a sign for a Wall Street building in New York. Stocks were down on Wall Street Monday as investors await news of how the Federal Reserve will respond to inflation.   (Associated Press)
This photo from May 19, 2021, shows a sign for a Wall Street building in New York. Stocks were down on Wall Street Monday as investors await news of how the Federal Reserve will respond to inflation.  (Associated Press)
By Damian J. Troise Associated Press

Stocks fell on Wall Street Monday in a sluggish start to the week as investors await the latest take from the Federal Reserve on inflation.

The S&P 500 fell 0.2% as of 11:30 a.m. Eastern. The Dow Jones Industrial Average fell 214 points, or 0.6%, to 34,265 and the Nasdaq rose 0.3%.

The benchmark S&P 500 is sitting just below its latest record high set on Friday. It is also coming off its third weekly gain in a row. Trading has been choppy as investors gauge the economic recovery and rising inflation’s impact on its trajectory and the Fed’s next move.

Banks, health care and industrial companies had some of the broadest losses. Big technology stocks helped offset some of the slide. Apple rose 1.9% and Adobe rose 3.6%.

Energy companies held up better than most of the market as crude oil prices edged higher. Marathon Oil rose 1.6%.

The Fed is meeting this week and will release a statement on Wednesday. Investors have been worried that the Fed could ease up on bond purchases and other stimulus measures as the economy recovers. No policy changes are expected immediately, but comments on a shift in policy could jostle an already skittish market.

Fed officials have maintained that any rise in inflation will be temporary as the economy recovers.

Lordstown Motors sank 18.4% after the CEO and CFO resigned as problems mount for the startup electric truck maker.

Novavax gave up an early gain and fell 2.6%. The vaccine maker said its COVID-19 shot was highly effective against the disease and also protected against variants in a large study in the U.S. and Mexico. The company is facing raw-material shortages, though, and plans to seek authorization for the shots by the end of September.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.49% from 1.46% late Friday.

European markets were mostly higher. Several markets in Asia were closed for a holiday.

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