Wall Street Hangs At Record Heights

Wall Street is holding relatively steady Monday following its latest record-setting week. The S&P 500 was virtually unchanged in early trading after closing Friday above the 5,000 level for the first time.

The next big event for the market could be Tuesday’s update on inflation across the United States, which economists expect to show a drop back below the 3% level.

The Dow Jones Industrial Average was edging down by 20 points, or 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.1% higher, as reported by Stan Choe for the Associated Press (AP).

Conditions are calm across markets, with yields also moving relatively little in the bond market. The next big event for the market could be Tuesday’s update on inflation across the United States, which economists expect to show a drop back below the 3% level.

In the meantime, Diamondback Energy climbed 5.2% after it said it would buy Endeavor Energy Resources in a deal valued at roughly $26 billion, including Endeavor’s debt. Diamondback is using both cash and stock to pay for the purchase of the privately held exploration and production company.

Trimble flipped from an early loss to a gain of 2.8% after the technology provider reported stronger profit and revenue for the latest quarter than analysts expected.

The company, whose products are used in the construction, mapping, and other industries, also gave a forecast for revenue over 2024 that fell short of Wall Street’s estimates, as reported by Matt Ott and Elaine Kurtenbach for AP.

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