The S&P 500 and the Dow were subdued in choppy trading on Monday after manufacturing data amplified worries of an economic slowdown, while gains in the shares of Meta boosted the Nasdaq.
The New York Federal Reserve's "Empire State" index on current business conditions dropped to a reading of -31.8 in May, against expectations of a -3.75 decline.
"What you're seeing is an indication that people are a little worried about the strength of the economy, perhaps going into a recession earlier than maybe expected," said Robert Pavlik, senior portfolio manager at Dakota Wealth.slumped to a six-month low in May and U.S. long-term inflation expectations jumped to the highest since 2011.
Focus will now turn to retail sales, weekly jobless claims and housing data expected through the week.Also limiting losses were hopes of progress on a deal to raise the nation's $31.4 trillion borrowing limit. Over the weekend, President Joe Biden he expects to meet congressional leaders on Tuesday and remained hopeful of a deal to raise the debt ceiling.in Washington has added to economic worries, as a new non-partisan congressional report cited "significant risk" of a historic default within the first two weeks of June.
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