US stocks close lower as investors anticipate June CPI report
• 10-year Treasury yield fell more than 11 basis points to 2.985%
US stocks closed lower on Monday, ahead of another hot US inflation reading in just two days.
The Dow Jones Industrial Average fell 67 points, or 0.2%, to 31,272, after briefly popping into positive territory in early afternoon trade. The S&P 500 slipped by 32 points, or 0.2%, to 3,868. The index recently slid into a bear market.
The Nasdaq Composite dropped 196 points, or 1.7%, to 11,439.
The yield on the benchmark 10-year Treasury note declined more than 11 basis points to 2.985%.
Investors are also looking ahead to the release of June’s consumer price index on Wednesday. It is expected to show headline inflation, including food and energy, rising above May’s 8.6% level to 8.8%.
Market movers
Shares of Twitter Inc. (NYSE: TWTR) fell 9.5% after Elon Musk said he was withdrawing his bid for the social media platform. The company said it would try to enforce the buyout, valued at more than $40 billion.
Shares of casino operators with operations in Macau fell on Monday after Macau city officials said casinos there would be shut down for a week to fight a COVID-19 surge. Shares of Wynn Resorts Ltd. (NASDAQ: WYNN) dropped 7%, Las Vegas Sands Corp. (NYSE: LVS) slumped 6.8% and Melco Resorts & Entertainment Ltd. (NASDAQ: MLCO) -9.64% shed 11%.
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