US stocks closed mixed Monday while a meme stock rally was reignited following a string of recent market gains. Investors turned their attention to an upcoming inflation report this week seen as a potential starting gun for interest rate cuts. The S&P 500 closed just below the flatline, while the tech-heavy Nasdaq Composite moved up about 0.2%. The Dow Jones Industrial Average snapped its eight-day winning streak, closing down 0.2%. The markets were dominated by a meme rally Monday.
Stocks have come back strong in May on the back of better-than-expected earnings and a revival of optimism for a Federal Reserve easing in monetary policy. The Dow notched eight straight daily wins in a row on Friday — though a dearth of economic releases likely played a part.
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Stock market today: Dow eyes 8th straight win as rate-cut hopes buoy stocksInvestors are listening out for a parade of Fed speakers to test a growing confidence that a rate cut is on the way.
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