Wall Street Enters June on Sluggish Note as US Inflation Concerns Return

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Wall Street (GettyImages)

US stocks entered June trading on a sluggish note, finishing the first day of the month mostly flat as concerns about inflation returned to an economy making progress from the coronavirus-related disruptions.

The S&P 500, which groups the top 500 stocks on the New York Stock Exchange, closed at 4,202 points, down 2 points or 0.05 percent. The S&P gained just 0.6 percent in May, its smallest rise in four months.

The Nasdaq Composite index, which includes high-flying tech stocks such as Facebook, Amazon, Apple, Microsoft, Netflix and Google, closed at 13,736, down 12 points or 0.01 percent. That came on the heels of May’s drop of 1.5 percent for Nasdaq – the tech bellwether’s first monthly loss since November.

The Dow Jones Industrial Average, the broadest US equity barometer, closed at 34,575, up 46 points or 0.1 percent.

A rash of recent economic data have shown the United States making faster-than-expected recovery from the coronavirus pandemic that had throttled growth since March 2020. While investor optimism had been lifted by such data, concerns about creeping inflation had suppressed stock prices since last month.

Federal Reserve Governor Lael Brainard said ON Tuesday the US economy was still far from goals set by the Fed but the central bank was nevertheless ready with its toolkit to moderate inflation should price pressures thwart recovery.

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