U.S. stocks slip as comeback rally stalls

NEW YORK, June 27 (Xinhua) -- U.S. stocks dipped on Monday as Wall Street's comeback rally lost steam.

The Dow Jones Industrial Average fell 62.42 points, or 0.20 percent, to 31,438.26. The S&P 500 slid 11.63 points, or 0.30 percent, to 3,900.11. The Nasdaq Composite Index decreased 83.07 points, or 0.72 percent, to 11,524.55.

Eight of the 11 primary S&P 500 sectors ended in red, with consumer discretionary and communication services down 1.08 percent and 1.05 percent, respectively, leading the laggards. Energy rose 2.78 percent, the best-performing group.

The decline came as worries over inflation, higher interest rates, and a possible recession persist.

Last week, U.S. equities staged a noticeable rebound, which saw the Dow advance 5.4 percent, while the S&P 500 and the tech-heavy Nasdaq jumped 6.5 percent and 7.5 percent, respectively, as investors searched for undervalued stocks after the steep sell-off of recent weeks.

"Volatility is likely to continue as market concerns oscillate between inflation and recession, with neither narrative offering much comfort for investors," Solita Marcelli, chief investment officer for the Americas at UBS Global Wealth Management, said Monday in a note.

On the data front, the U.S. Department of Commerce said Monday that new orders for manufactured durable goods increased by 0.7 percent in May. Economists polled by The Wall Street Journal had forecast a 0.2 percent advance.

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