Stocks are off to a weak start, pulling S&P 500 below record

A man wearing a protective mask walks in front of an electronic stock board showing Japan's Nikkei 225 and New York Dow indexes at a securities firm Monday, June 14, 2021, in Tokyo. Asian stock markets were mixed Monday as investors looked ahead to this week’s Federal Reserve meeting for hints of possible changes in ultra-low interest rates and other economic stimulus. (AP Photo/Eugene Hoshiko)

Men wearing protective masks gesture in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, June 14, 2021, in Tokyo. Asian stock markets were mixed Monday as investors looked ahead to this week’s Federal Reserve meeting for hints of possible changes in ultra-low interest rates and other economic stimulus. (AP Photo/Eugene Hoshiko)

People wearing protective masks walk in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, June 14, 2021, in Tokyo. Asian stock markets were mixed Monday as investors looked ahead to this week’s Federal Reserve meeting for hints of possible changes in ultra-low interest rates and other economic stimulus. (AP Photo/Eugene Hoshiko)

A woman wearing a protective mask walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, June 14, 2021, in Tokyo. Asian stock markets were mixed Monday as investors looked ahead to this week’s Federal Reserve meeting for hints of possible changes in ultra-low interest rates and other economic stimulus. (AP Photo/Eugene Hoshiko)

Stocks are off to a sluggish start on Wall Street Monday, easing the S&P 500 index just below its latest record high. The benchmark index is also coming off its third weekly gain in a row. The S&P 500 slipped 0.2% in the first few minutes of trading. Lordstown Motors sank 18% after the CEO and CFO resigned as problems mount for the startup electric truck maker. European markets were mostly higher. Several markets in Asia were closed for a holiday. Bond prices fell. The yield on the 10-year Treasury note rose to 1.48%.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

BEIJING (AP) — Global stock markets rose Monday as investors looked ahead to this week’s Federal Reserve meeting for hints of possible changes in ultra-low interest rates and other economic stimulus.

London and Frankfurt opened higher while Tokyo also gained. Markets in China and Hong Kong were closed for a holiday.

Trading has been muted as investors wait for Wednesday’s Fed meeting for signs of whether U.S. central bankers are turning more hawkish following a rise in inflation. No policy changes are expected immediately, but any shift in language in Fed comments might fuel fears bond purchases and other stimulus will wind down.

“Expectations are for the Fed to maintain its ultra-dovish policy stance and refrain from discussing any form of tapering just yet,” said Mizuho Bank in a report.

In early trading, London’s FTSE 100 rose 0.3% to 7,156.76 and the DAX in Frankfurt added 0.5% to 15,775.29. The CAC 40 in Paris gained 0.6% to 6,640.68.

On Wall Street, futures for the benchmark S&P 500 index and the Dow Jones Industrial Average were up 0.1%.

On Friday, the S&P 500 turned in a third weekly gain after rising 0.2%. The Dow Jones Industrial Average added less than 0.1% while the Nasdaq gained 0.4%.

In Asia, the Nikkei 225 in Tokyo gained 0.7% to 29,161.80 while the Kospi in Seoul added less than 0.1% to 3,248.36.

India’s Sensex lost 0.3% to 52,306.12. New Zealand and Bangkok gained while Singapore and Jakarta retreated.

Fed officials say higher inflation should be short-lived. That was supported by a report last week that showed a rise in consumer prices in May was due mostly to temporary factors.

In energy markets, U.S. benchmark crude rose 51 cents to $71.42 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 62 cents on Friday to $70.91. Brent crude, the price basis for international oils, advanced 62 cents to $73.31 per barrel in London. It added 17 cents per barrel the previous session to $72.69.

The dollar declined to 109.69 yen from Friday’s 109.72. The euro advanced to $1.2111 from $1.2104.