Market Indexes Drift Lower While Most Stocks Rise

U.S. stocks drifted lower in quiet midday trading as investors waited for Wednesday’s CPI report, which is expected to show headline inflation around 3.4%. The article says the Dow, S&P 500 and Nasdaq slipped modestly, but the average stock was actually higher, with the equal-weight S&P 500 ETF rising while cap-weighted benchmarks fell. The main market pressure came from mega-cap names, especially Alphabet and Amazon, which accounted for nearly all of the Nasdaq’s decline despite no company-specific news. Energy shares were firmer after Iran reiterated that the Strait of Hormuz would stay closed until its demands were met, pushing oil above $83 per barrel. The piece also highlighted mixed semiconductor sentiment: Micron said memory shortages could persist beyond 2027, while Nvidia was reportedly exploring lower memory content in a future chip design. Overall, the market tone was cautious and range-bound, with inflation data and oil prices seen as the key near-term drivers.