04:24 PM EDT, 07/08/2024 (MT Newswires) -- The S&P 500 and the Nasdaq Composite closed at new all-time highs Monday as markets analyzed a survey of consumers' inflation expectations and awaited official inflation data for June, scheduled to be released later in the week.

The technology-heavy Nasdaq rose 0.3% to 18,403.7, while the S&P 500 advanced 0.1% to 5,572.9. The Dow Jones Industrial Average fell 0.1% to 39,344.8. Tech led the gainers among sectors, while communication services saw the steepest decline.

In economic news, US consumers' inflation expectations at the short- and longer-term horizons declined last month while their perception of housing price growth over the next year eased, the Federal Reserve Bank of New York said. Inflation views at the three-year horizon increased, according to the report.

Official data are likely to show Thursday that consumer inflation in the US rose 0.1% sequentially and 3.1% annually last month, according to a Bloomberg-compiled consensus.

Official producer price data for June are scheduled to be released Friday.

The US two-year yield rose 3.2 basis points to 4.63% Monday, while the 10-year rate was little changed at 4.27%.

On Friday, New York Fed President John Williams reportedly said that although policymakers have made progress in their fight against inflation, they still have "a way to go" to reach their objective.

West Texas Intermediate crude oil dropped 1.1% to $82.24 per barrel Monday.

In company news, Eli Lilly ( LLY ) will buy biopharmaceutical company Morphic ( MORF ) for roughly $3.2 billion in a bid to expand its immunology portfolio with oral therapies targeting cell proteins for chronic diseases. Morphic ( MORF ) shares jumped 75%, while Lilly rose 0.4%.

Intel ( INTC ) was the best performer on the Dow and the Nasdaq, and among the top on the S&P 500, up 6.2%.

Paramount Global's ( PARAA ) class B shares fell 5.3%, the steepest decline on the S&P 500, while its class A shares rose 2.7%. Paramount will merge with production company Skydance Media to establish a new entity through a two-step transaction, which includes the acquisition of the mass media and entertainment conglomerate's controlling shareholder, National Amusements, the companies said Sunday.

Gold declined 1.3% to $2,366.70 per troy ounce, while silver fell 1.9% to $31.08 per ounce.