Clean Energy Firms Rise After Senate Passes Package

Indexes were flat ahead of busy week
By Newser Editors and Wire Services
Posted Aug 8, 2022 4:01 PM CDT
Indexes Tread Water Ahead of Inflation Updates
Statues adorn the facade of the New York Stock Exchange.   (AP Photo/John Minchillo, File)

Stocks closed flat on Wall Street Monday as investors prepared for a busy week of updates on inflation. The S&P 500 fell 5.13 points, or 0.1%, to 4,140.06. The Dow Jones Industrial Average rose 29.07 points, or 0.1%, to 32,832.54. The Nasdaq fell 13.10 points, or 0.1%, to 12,644.46. Small-company stocks outpaced the broader market in a sign of investors’ confidence in the economy. The Russell 2000 rose 1%.

Retailers and communications stocks were among the biggest winners. Target rose 0.5% and Facebook's parent, Meta, rose 1.9%. Clean energy companies gained ground following the Senate's approval for Democrats’ big election-year economic package, which includes funding to help fight climate change, the AP reports. First Solar rose 4.8%. The benchmark S&P 500 index is coming off three consecutive weekly gains. Investors remain focused on inflation and its impact on businesses and consumers, along with the Federal Reserve's efforts to fight higher prices.

The Federal Reserve Bank of New York on Monday released a survey of consumer expectations from July showing that there were "substantial declines" in inflation expectations for everything from food and gas to home prices. The Labor Department will release its July report for consumer prices on Wednesday, followed by its report for prices at the wholesale level on Thursday. Investors are still reviewing the latest round of corporate earnings. Nvidia fell 6.3% for the biggest drop in the S&P 500 Monday after it warned investors that its second-quarter revenue will fall short of forecasts because of weaker gaming revenue.

(More stock market stories.)

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