S&P 500 edges down, investors and consumers wary of inflation
GameStop rallies, sparks gains in other meme stocks
Alphabet slips as OpenAI to launch search competitor
Indexes: S&P 500 off 0.04%, Nasdaq adds 0.27%, Dow off 0.15%
Updated prices at 02:20 p.m ET/ 1820 GMT
By Sinéad Carew and Sruthi Shankar
May 13 (Reuters) -U.S. stock indexes were a mixed bag on Monday, with the S&P 500 staying shy of its March recordhigh as investors waited for keyinflation readings and earnings reports due this week while a survey showed consumers concerned about inflation.
AFederal Reserve Bank of New York survey, released on Monday, found that Americans see inflation at 3.3% a year from now from March’s 3% while they expect inflation three years from now at 2.8%. On Friday, aUniversity of Michigan report showed U.S. consumer sentiment sagged to a six-month low in May as households worried about the cost of living.
The Nasdaq composite was advancing while the S&P 500 slipped. Both just finished three weeks of gains, boosted by strong earnings reports, and signs of a cooling labor market that fueled bets of one or two Federal Reserve ratecuts this year.
Investors on Monday were cautiously awaiting producer price index data, consumer inflation data, retail sales data, weekly jobless claims and earnings reports from big retailers including Home Depot HD.N and Walmart WMT.N all due this week.
"Stocks are just kind of stuck in this really tight trading range until we get some more information on inflation trends," said Anthony Saglimbene, Ameriprise Chief Market Strategist.
With the New York Fed report and Friday's report showing "a marked deterioration in consumer sentiment and rising expectations around inflation" Saglimbene said this would put even more weight on the inflation reports.
Core consumer prices are expected to have risen0.3% on a month-over-month basis in April and 3.6% on an annual basis according to economist forecasts in a Reuters poll ahead of Wednesday's release.
Federal Reserve Vice Chair Phillip Jefferson said he supports keeping interest rates steady until it is clear that price pressures are moderating.
At 02:20 p.m. the Dow Jones Industrial Average .DJI fell 60.35 points, or 0.15%, to 39,452.34, the S&P 500 .SPX lost 1.90 points, or 0.04%, to 5,220.75 and the Nasdaq Composite .IXIC gained 43.51 points, or 0.27%, to 16,384.38.
Of the 459 S&P 500 companies that reported through Friday, 77.3% beat analysts' profit estimates, according to LSEG data. The long-term average is 66.7%.
Meanwhile, sharesof videogame retailer GameStop GME.N jumped 78% after "Roaring Kitty", a former marketer at an insurance firm credited with sparking the 2021 meme stock rally, returned to X.com after a three-year hiatus.
Other highly shorted names also rallied withAMC AMC.N up 60% and Koss Corp KOSS.O adding 32%.
Alphabet GOOGL.O fell 0.4% as Microsoft-backed OpenAI looked set to announce its artificial intelligence (AI)-powered search product. Meta Platform META.O was down 2%.
Apple AAPL.O added 2% after a report said it had closed in on an agreement with ChatGPT-maker OpenAI to use the startup's technology on the iPhone.
Advancing issues outnumbered decliners by a 1.31-to-1 ratio on the NYSE where there were 280 new highs and 36 new lows. On the Nasdaq, 2,380 stocks rose and 1,754 fell as advancing issues outnumbered decliners by a 1.35-to-1 ratio.
Reporting by Sruthi Shankar and Shristi Achar A in Bengaluru; Editing by Devika Syamnath and Shinjini Ganguli
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