US stocks fall short of record highs at close as inflation report looms

US stocks retreated from record high territory to close lower, with investors now turning their attention to the release of official US inflation data on Tuesday.

The benchmark S&P 500 ended 0.1 per cent lower, having gained as much as 0.4 per cent in the morning to set a record intraday high. More than two-thirds of stocks in the index finished higher, but drops in heavyweight tech stocks pulled the broader benchmark to an overall loss.

The Nasdaq Composite dropped 0.3 per cent. Earlier in the session, the tech-heavy index traded above its record closing high from November 2021, but failed to reclaim its intraday peak from the same period.

The declines came ahead of Tuesday’s consumer price index report for January. Economists polled by LSEG expect headline inflation to come in at 2.9 per cent, down from 3.4 per cent in Decembe

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