The Dow Jones Industrial Average rose to a record Monday, putting behind an early August selloff as traders await Federal Reserve rate cuts on the horizon.
The 30-stock index pulled upward 33.75 points to observe noon EDT at 41,208.83, down from its dizzy heights of the morning.
The S&P 500 index slipped 19.2 points to 5,615.41.
The NASDAQ retreated 160.18 points to 17,717.62.
Traders also appeared to be rotating out of tech and into other areas of the market. The S&P 500 energy sector was up more than 1%, while tech fell 1.5%.
The market kicked off August under pressure, as concerns over a possible recession, and the unwind of a popular hedge fund trade linked to the Japanese yen, pulled stocks off their record levels. The S&P 500 lost 3% on Aug. 5 — its biggest one-day loss since 2022. The Dow also had its worst sell-off in about two years that day, plunging more than 1,000 points.
Since then, though, expectations of lower Federal Reserve interest rates and improving U.S. economic data have sent stocks soaring. The S&P 500 has surged 8% since Aug. 5 and was less than 1% away from its record high, set in mid-July, while the Dow has soared about 7%
The July personal consumption expenditures reading is due for release on Friday.
Prices for the 10-year Treasury decreased, raising yields to 3.81% from Friday’s 3.80%. Treasury prices and yields move in opposite directions.
Oil prices picked up $2.37 at $77.20 U.S. a barrel.
Gold prices vaulted $3.50 to $2,549.80.
