Stock market today: Stocks slide as new quarter kicks off

US stocks kicked off 2024's second quarter on wobbly feet Monday. The S&P 500 fell 0.4%, while the Dow Jones Industrial Average fell 0.7%. The tech-heavy Nasdaq Composite dipped 0.2%, erasing earlier session gains. Wall Street has begun 2024 on a high note: The benchmark S&P 500 has set 22 fresh closing records so far this year as part of its best first quarter since 2019. Meanwhile, all three major averages have now risen for five straight months.

That index contains "core" PCE, the Fed's preferred inflation gauge. The report showed core PCE rose 0.3% month over month, below economist expectations. Fed Chair Jerome Powell said Friday that the data was "along the lines" of what the Fed is looking for. The data has given a boost to investor bets on a June rate cut.

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