Nasdaq, S&P 500 end at records as tech shares gain

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Resurgent technology shares led US stock indices to fresh records Monday, outperforming industrial names ahead of key economic releases and a Federal Reserve announcement later in the week.

The tech-rich Nasdaq Composite Index jumped 0.7 percent to finish at 14,174.14, while the S&P 500 gained 0.2 percent to 4,255.15, both scoring new records.

But the Dow Jones Industrial Average slipped 0.3 percent to 34,393.75.

The first session of the week reflected the latest pivot after a stretch earlier in the year when tech shares lagged other sectors such as financial companies and manufacturers.

Investors now appear to be taking profits on some of those bets, and steering funds back into large tech names, which outperformed other sectors earlier in the pandemic. Apple, Facebook and Netflix all gained at least one percent.

This week's calendar is dominated by the Federal Reserve's two-day policy meeting, which is expected to show central bankers raising their inflation forecasts.

The Fed is expected to maintain the current policy of accommodation, but central bank chief Jerome Powell will face myriad questions about prices during a news conference.

Powell on Wednesday could offer more assurances that the Fed will be vigilant about price pressures and stress that it has tools to combat inflation.

Other key reports this week include May data on retail sales, housing starts and producer prices.

Among individual names, Lordstown Motors had a bad session, falling 18.8 percent after announcing the departure of its chief executive and chief financial officer. The electric truck startup warned last week that it lacked sufficient capital to begin commercial production.

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