Stock market today: the momentum of Wall Street is running out of steam after its last record week

NEW YORK (AP) U.S. stocks are drifting Monday at the start of what will be a shortened trading week.

The S&P 500 was down 0.1% at midday. The Dow Jones Industrial Average was down 111 points, or 0.3%, as of 11 a.m. Eastern Time, and the Nasdaq composite was down 0.1%.

The market eased after last week's sharp rise, which was its best of the year and sent all three indexes to record highs on Thursday. Stocks rose as the Federal Reserve signaled it was still likely to make several interest rate cuts this year as long as inflation continues to cool.

This puts the S&P 500 on track for another winning month in what has been a nearly unstoppable run since late October. The strength has been sustainable, but the longer the market moves forward without a notable pullback, the closer we get to such a move, according to Chris Larkin, managing director of trading and investing at E-Trade at Morgan Stanley.

For the market to continue to recover, more companies will need to generate strong earnings growth to justify high prices, Morgan Stanley strategists say.

A person walks in front of an electronic board showing Japan's Nikkei 225 index at a securities company in the rain, Monday, March 25, 2024, in Tokyo. Asian stocks were trading mixed Monday as investors awaited further indications that the Federal Reserve may begin cutting interest rates. (AP Photo/Eugene Hoshiko)

Photo: ASSOCIATED PRESS/Eugène Hoshiko

People walk past the New York Stock Exchange on Thursday, March 1. 21, 2024. (AP Photo/Yuki Iwamura)

Photo: ASSOCIATED PRESS/Yuki Iwamura

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United Airlines weighed on the market and lost 4.7%. Federal regulators step up oversight of the company following several recent problems, including a piece of an aircraft's outer fuselage falling off and a plane losing a tire during takeoff.

Boeing pared some of its steep losses for the year and rose 0.7%. Plagued by concerns about its safety and the quality of its manufacturing, the aircraft manufacturer announced a management reshuffle. Among these measures is the departure of its CEO, planned for the end of the year.

The highlight of this week for financial markets could be Friday's report on U.S. consumer spending. It will also include the latest update on the measure of inflation that the Federal Reserve prefers to use. But the US stock and bond markets will be closed that day in observance of Good Friday. The U.S. bond market will also close early on Thursday, which could consolidate trading ahead of the report's release.

Despite a chain of recent reports who showed inflation remaining hotter than expected, the Federal Reserve It appears that inflation will continue its long-term downward trend.

Traders widely expect the Federal Reserve to begin cutting rates in June. That would provide relief to the economy as the Fed's policy rate has been at its highest level since 2001 for nearly eight months. High interest rates help curb inflation by slowing the overall economy and hurting investment prices.

In the bond market, Treasury yields were climbing. The 10-year yield rose from 4.20% Friday evening to 4.25%.

On foreign stock markets, indices mostly moved modestly in mixed trading in Europe and Asia.

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AP Business writers Yuri Kageyama and Matt Ott contributed.

Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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