04:27 PM EST, 12/09/2024 (MT Newswires) -- US benchmark equity indexes fell Monday as markets assessed an inflation survey and awaited official price growth data for November due later in the week.

The S&P 500 and the Nasdaq Composite dropped 0.6% each to 6,052.9 and 19,736.7, respectively, both retreating from Friday's record closing levels. The Dow Jones Industrial Average lost 0.5% to 44,401.9. Among sectors, financials saw the steepest decline. Only health care and real estate closed higher.

The S&P 500 is expected to end 2025 at a 7,100 level, suggesting a roughly 17% upside from Friday's record close amid continued economic and consumer resilience, Oppenheimer Asset Management said in a Monday note to clients.

In economic news, US consumers' inflation expectations rose slightly in November, while optimism regarding year-ahead financial situations improved "considerably," according to a survey by the Federal Reserve Bank of New York.

Government data are expected to show Wednesday that US consumer inflation rose 0.2% sequentially and 2.7% annually last month, according to a Bloomberg-compiled consensus. In October, the US consumer price index increased 0.2% month on month and 2.6% on an annual basis.

The official producer prices report for November is scheduled to be released Thursday.

The US 10-year yield gained 4.2 basis points to 4.2% Monday, while the two-year rate added 2.6 basis points to 4.12%.

In company news, Comcast ( CMCSA ) shares tumbled 9.5%, the second-worst performer on the S&P 500 and the Nasdaq, after the company said that it will likely lose more than 100,000 broadband subscribers in the fourth quarter.

Advanced Micro Devices ( AMD ) shares dropped 5.6% as BofA Securities downgraded its rating on the chipmaker's stock to neutral from buy and reduced its price objective to $155 from $180.

AMD's potential to gain market share is limited by higher competitive risks in artificial intelligence against Nvidia's ( NVDA ) "dominance" and increasing cloud preference for custom chips from Marvell Technology ( MRVL ) and Broadcom ( AVGO ) , BofA said in a note to clients.

Beverage and snack food company Mondelez International ( MDLZ ) is exploring a potential acquisition of chocolate maker Hershey (HSY), Bloomberg News reported, citing unnamed sources. Hershey shares jumped nearly 11%, the top gainer on the S&P 500, while Mondelez ( MDLZ ) decreased 2.3%.

Enphase Energy ( ENPH ) said owners of Enphase IQ batteries will be able to participate in NextEnergy's tariff program in the Netherlands under a new collaboration between the companies. Enphase shares jumped 6.8%, the second-best performer on the S&P 500.

West Texas Intermediate crude oil increased 1.4% to $68.14 a barrel Monday.

Gold advanced 0.8% to $2,680.90 per troy ounce, while silver increased 2.6% to $32.41 per ounce.