NEW YORK (AP) โ Wall Street is listless Tuesday, coming back from a three-day weekend and approaching record levels.
The S&P 500 was virtually unchanged in morning trading, sitting just below its record high set a week ago. The Dow Jones Industrial Average was down 142 points, or 0.4%, as of 10:05 a.m. ET, and the Nasdaq Composite was up 0.3% after setting its last all-time high.
US Cellular rose 3.6% after T-Mobile said it would buy almost the entire company. The deal is valued at $4.4 billion and includes up to $2 billion in assumed debt. T-Mobile US shares rose 1.4%.
GameStop jumped 13.5% after saying it had raised $933.4 million in cash through a previously announced stock sale. The company, whose share price has often was moved more by investor enthusiasm Any change in its earnings outlook, it said it could use the cash for acquisitions, investments or other general corporate purposes.
Nvidia added another 4.6% to bring its profit so far this year up to a whopping 125%. He's still riding the wave created by his last spectacular earnings report last week, calming some concerns that Wall Street's frenzy over artificial intelligence technology has inflated prices beyond reasonable levels.
They were offsetting declines in health care stocks, which suffered some of the steepest losses on Wall Street. Moderna fell 7.5%, Merck fell 2.4% and Vertex Pharmaceuticals fell 2.2%.
Much of the rest of Wall Street was quiet, including the bond market.
The 10-year Treasury yield rose to 4.48% from 4.47% late Friday. It reversed an earlier modest loss after a report showed confidence among U.S. consumers is strengthening, when economists had expected to see a decline.
Strong spending by American consumers has been one of the main reasons the economy has managed to defy predictions of a recession, at least so far, but some The cracks have begun to show.. Low income households in particular have begun to buckle under the pressure of still high inflation.
Treasury yields had been declining for most of this month on hopes of a resumption of the cooling for inflation will allow the Federal Reserve to cut its main interest rates at least once later this year.
The Federal Reserve has kept the federal funds rate at the highest level in more than two decades in hopes of slowing economic and investment prices enough to fully control high inflation. The danger is that if you leave rates too high for too long, it could hurt the job market and the broader economy. Making matters even more complicated for the Federal Reserve, if it cuts rates too soon, it could allow inflation to get even worse.
There will be several reports next week that could influence the Federal Reserve's thinking, beyond Tuesday's report on consumer confidence.
The highlight of the week is likely to come on Friday, when the government releases its latest monthly report on household spending and income earned. It will also include the April inflation measure that the Federal Reserve prefers to use.
In foreign stock markets, indices fell modestly in much of Europe and Asia. London's FTSE 100 fell 0.5% and Tokyo's Nikkei 225 lost 0.1%.
AP Business writers Matt Ott and Elaine Kurtenbach contributed.
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