Shares of retailers and other consumer-services companies were lower as inflation concerns continued.
Americans are bracing for a wave of higher inflation over the next year, amid projections of big increases in home prices, rent, food, gasoline and medical costs, the May New York Fed Survey of Consumer Expectations reported. One year from now, the public expects inflation to hit 4%, a series high for the New York Fed report, from the projected 3.4% increase reported in April.
On Tuesday, data are expected to show that U.S. retail sales fell in May as auto sales decline, fiscal support for consumers fades, and Americans shift their spending toward services and away from goods while vaccine campaigns advance and more businesses reopen.
Shares of Lordstown Motors fell nearly 20% after the electric-truck maker said its chief executive and top financial leader resigned, decisions that come amid a new report from a board committee that says some aspects of disclosures it made about truck preorders were inaccurate.
Tesla Chief Executive Elon Musk posted on Twitter Sunday that his company would resume accepting bitcoin for cars after about 50% of the energy used to mine the cryptocurrency was "clean."
Grocery courier Boxed said it would go public through a merger with a special-purpose acquisition company, or SPAC, capitalizing on delivery demand that swelled during the Covid-19 pandemic.
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(END) Dow Jones Newswires