U.S. stocks close mixed ahead of inflation data

NEW YORK, May 8 (Xinhua) -- U.S. stocks fluctuated in a narrow range and closed mixed on Monday, as investors wait for the latest consumer price index and producer price index, due to be released on Wednesday and Thursday, respectively.

The Dow Jones Industrial Average decreased 55.69 points, or 0.17 percent, to 33,618.69. The S&P 500 rose 1.87 points, or 0.05 percent, to 4,138.12. The Nasdaq Composite Index increased 21.51 points, or 0.18 percent, to 12,256.92.

Seven of the 11 primary S&P 500 sectors ended in red, with real estate and industrials leading the laggards by going down 0.69 percent and 0.37 percent, respectively.

Communication services and consumer discretionary led the gainers by rising 1.27 percent and 0.3 percent, respectively.

The S&P 500 was moving higher while traders waited for additional catalysts with traders' focus on general market sentiment, according to Vladimir Zernov, analyst with market information supplier FX Empire.

Investors would shift the focus back to inflation, with a close look at core services, excluding shelter, according to Edward Moya, senior market analyst at OANDA, a supplier of online multi-asset trading services.

"This inflation report might prove to be sticky and that could help delay Fed rate cut bets," said Moya.

Traders also are keen to know if the meeting between U.S. President Joe Biden and Congressional leaders on Tuesday would generate positive news on the looming debt ceiling crisis.

The S&P 500 went back and forth in the market on Monday and was likely to continue to trade in a range of 4,000 to 4,200, according to Christopher Lewis, analyst with FX Empire.