Stocks were wavering between small gains and losses Tuesday as investors weighed the economic recovery's progress against lingering concerns about inflation.
The S&P 500 fell 0.2% as of 11:35 a.m. Eastern. The Dow Jones Industrial Average slipped 52 points, or 0.2%, to 34,342 and the Nasdaq fell 0.1%.
Homebuilders were also among the biggest gainers following a report that U.S. home prices jumped in March by the most in more than seven years as an increasing number of would-be buyers compete for a dwindling supply of houses. D.R. Horton and Toll Brothers were all up 2%. KB Home rose 4.4% after also reporting that orders have so far more than doubled during the second quarter.
The strong housing market and a report that consumer confidence remains strong gave investors another signal that the economic recovery continues. Businesses have been reopening as more people get vaccinated and new COVID-19 cases fall. Moderna rose 2% after the drugmaker said its COVID-19 vaccine was found to be effective in children aged 12 to 15.
Inflation remains a concern, particularly if the global economic recovery is hampered if governments and central banks have to withdraw stimulus to combat rising prices. It's partly why stocks fell the previous two weeks. Still, analysts expect any rise in inflation to be tied to the growing economy and will likely be more moderate.