Stocks were mixed Tuesday as traders looked for clues on what impact rising prices pressures may have on the Federal Reserve’s support for a U.S. economy recovering from the COVID-19 pandemic.
The Dow Jones Industrial Average fell 89 points, or 0.26%, to 34,540, the S&P 500 fell 0.12% and the Nasdaq rose 0.26%.
Equities recovered from what looked like a sharply lower stock market open after reports of widespread outages at government and global news websites such as The New York Times and Bloomberg. TheStreet’s websites also were knocked offline by the outage.
Fastly was up 4.81% on Tuesday after earlier outages linked to the company’s network of proxy servers and data centers were resolved.
The Labor Department will release a report on consumer prices for May on Thursday. The CPI report will be one of the last major economic indicators before the Fed meets on June 15-16.
Prices on everything from food to gas to lumber have been rising and the fear in the market is that rising inflation will push the Federal Reserve to begin tapering asset purchases and boost interest rates sooner than expected.
Benchmark 10-year Treasury note yields eased to 1.531% on Tuesday.
Tesla shares rose Tuesday after the electric vehicle company saw a surge in China sales during May that eased concerns of near-term weakness in the world’s biggest automotive market.
Stitch Fix was rising significantly Tuesday after the personal styling company posted a narrower-than-expected loss in the fiscal third quarter and gave an outlook that was seen as strong, prompting a raft of analyst price-target upgrades.
This article was originally published by TheStreet.