Hasbro Was Monday's Biggest Loser in the S&P 500

Stocks closed lower on Wall Street, easing back after posting a big gain last week on hopes that the worst of the nation’s inflation may finally have passed. The S&P 500 fell 35.68 points, or 0.9%, to 3,957.25 Monday after drifting between gains and losses for much of the day. The Dow Jones Industrial Average fell 211.16 points, or 0.6%, to 33,536.70. The Nasdaq fell 127.11 points, or 1.1%, to 11,196.22. Some analysts have called Wall Street’s rally from last week overdone, saying one month of encouraging data isn’t enough to say it’s soon to be under control, the AP reports.

Some officials at the Federal Reserve have also urged caution, with Fed Governor Christopher Waller saying the better-than-expected reading on inflation for October "was just one data point" and that "everybody should just take a deep breath." Hasbro fell 9.9% for the largest loss in the S&P 500 after analysts in a BofA Global Research report raised concerns the company may be overproducing cards for its "Magic: The Gathering" game, threatening to undercut a lucrative business. On the winning side was Moderna, which climbed 4.6% after reporting encouraging data on its bivalent vaccine targeting COVID-19. Crypto-related stocks kept whipsawing following the implosion last week of FTX, a major crypto trading exchange. Coinbase, another crypto exchange platform, was off 7.4%.

Several economic reports due this week could offer more clues about where inflation is heading. On Tuesday, the government will issue its October report on prices at the wholesale level. Economists say inflation there likely slowed to 8.3% from September’s 8.5% rate for year-over-year price changes. On Wednesday, markets will see how resilient US households have been in their spending when the government gives its latest monthly update on sales at retailers. Economists say retail sales likely grew 0.9% in October from a month earlier, a much stronger showing than September's flat performance. The data, though, does not take inflation into account and could be a reflection of nothing more than higher prices being charged at the register. (More stock market stories.)