U.S. equity futures are trading lower hours before Tuesday's opening bell, continuing Monday's declines after stocks closed near record levels last week.
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Investors will get another glimpse into the impact of inflation on Thursday with the U.S. Labor Department’s consumer price report for May. Prices on everything from food to clothes and housing have been rising as the economy recovers.
In a subdued opening to the week in New York, the S&P 500 slipped less than 0.1%, giving up some recent gains. The benchmark index is within 0.2% of the all-time high it reached a month ago.
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Investors and economists are concerned that a steep rise in prices could crimp the recovery and prompt the Federal Reserve and other central banks to withdraw some of its support for the economy such as keeping interest rates ultra-low and buying bonds.
The S&P 500 fell 3.37 points to 4,226.52. The Dow lost 0.4% to 34,630.24. The Nasdaq rose 0.5% to 13,881.72. The Russell 2000 index of smaller companies gained 1.4% to 2,319.18.