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Stocks End Mostly Higher as Wall Street's Focus Remains on Inflation

TheStreet logo TheStreet 6/8/2021 Joseph Woelfel
a group of people looking at a computer: Stocks End Mostly Higher as Wall Street's Focus Remains on Inflation © TheStreet Stocks End Mostly Higher as Wall Street's Focus Remains on Inflation

Stocks ended mostly higher Tuesday, with the S&P 500 near a record close, as traders looked for clues on how rising price pressures might affect the Federal Reserve's support for a U.S. economy recovering from the COVID-19 pandemic.

The Dow Jones Industrial Average ended down 30 points, or 0.09%, to 34,599, while the S&P 500 gained 0.02% and the Nasdaq rose 0.31%.

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 ended up 11% on Tuesday after earlier outages linked to the company's network of proxy servers and data centers were resolved.

Lordstown Motors tumbled 16% after the electric-truck maker said in a regulatory filing that there is "substantial doubt regarding our ability to continue as a going concern."

On Monday, Lordstown Motors said that Nasdaq informed the company it was not in compliance with listing rules.


Video: Wall Street opens flat with stocks nearing new high (CNBC)

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Small-Caps Are Leading but Overall Market Conditions Are Slipping

The Labor Department on Thursday will release a report on consumer prices for May. 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 1.53% on Tuesday.

Tesla shares finished down 0.3% Tuesday after the electric vehicle company saw a surge in China sales during May that eased concern of near-term weakness in the world's biggest automotive market.

Stitch Fix ended 14% higher after the personal styling company posted a narrower-than-expected loss for the fiscal third quarter and gave an outlook that was seen as strong, prompting a raft of analyst price-target upgrades.

Jim Cramer: For the Meme Throng, There Are Just Not Enough Targets

Bitcoin slumped to a two-week low Tuesday and other digital tokens including Ethereum, Cardano and XRP all traded lower after the surprise recovery of Colonial Pipeline's recent cyberattack ransom raised concerns about Bitcoin's supposed gold-like infallibility.

This article was originally published by TheStreet.
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