A sell-off in technology companies dragged stocks lower on Wall Street Monday, pulling the major indexes back from their recent all-time highs.
A new survey concludes that California is most anti-business state, but it can’t explain why it’s also the fastest-growing. But keeping interest rates low means the potential for more inflation down the road.
Commodity prices spiked in early trading before settling down. Copper rose 5% in the early going before reversing to a loss of 0.7%. Platinum, which has several industrial uses, rose 0.1%. Investors will get some key inflation data this week, especially on Wednesday when April’s consumer price index is released.Inflation has been a concern for investors since bond yields spiked earlier this year, but yields have mostly stabilized since then. The yield on the 10-year Treasury rose to 1.61% from 1.57% late Friday. Rising commodity prices are also starting to make a variety of everyday products more expensive. Analysts expect any increases in these measures going forward to be more mild and tied to the growing economy. Though the employment market has been lagging behind in the recovery, other measures show that the economy is pushing forward. Consumer confidence and retail sales have both been regaining ground as people get vaccinated and businesses reopen. Americans set a record for pandemic-era air travel Sunday, according to the Transportation Security Administration. Meanwhile, the most recent round of corporate earnings reports showed a broad recovery touching many different sectors and industries during the first three months of the year. Much of that was anticipated ahead of the reports, and investors are now far off from the next big round of results.
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