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US STOCKS-Dow reaches all-time high on commodity surge; S&P, Nasdaq drop

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·3-min read
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(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* Materials, energy stocks rise on supply concerns

* Inflation worries grow as metal prices reach record highs

* Tech-related stocks pull Nasdaq lower

* Indexes: Dow up 0.66%, S&P off 0.26%, Nasdaq down 1.83% (Updates to late afternoon, changes dateline, byline)

By Stephen Culp

NEW YORK, May 10 (Reuters) - Wall Street was mixed on Monday, with economically sensitive cyclical shares advancing as investors shifted their bets in favor of stocks that stand to benefit most as the economy reopens and the consumer, flush with stimulus and savings, brings demand roaring back to life.

Tech shares reversed Friday's gains, pulling the S&P 500 and the Nasdaq into negative territory, while industrial and healthcare shares set the blue-chip Dow on course for its fourth consecutive all-time closing high.

"You continue to see this rotation between tech-plus and cyclicals, and certainly the spike in inflation of input costs benefits cyclicals in terms of pricing," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

Booming demand is colliding with tight supply in basic materials, helping stoke fears of inflation.

Copper and aluminum touched record highs, boosting shares of Alcoa and United States Steel by 2.6% and 4.7%, respectively.

The S&P Materials index reached an all-time high.

The break-even rate on five-year and 10-year U.S. Treasury Inflation-Protected Securities (TIPS) touched their highest levels since 2011 and 2013, respectively.

"The Fed has talked a lot about a temporary spike in inflation, that it will be temporary," Ghriskey added. "But the financial markets are clearly concerned about it."

Those concerns will be in the minds of investors when the Labor Department releases its latest CPI report on Wednesday.

A shutdown to halt a ransomware attack on the Colonial Pipeline entered its fourth day, hobbling a network which transports nearly half of the East Coast's fuel supplies.

Energy shares were last up 1.5%.

The Dow Jones Industrial Average rose 229.72 points, or 0.66%, to 35,007.48, the S&P 500 lost 11.09 points, or 0.26%, to 4,221.51 and the Nasdaq Composite dropped 251.02 points, or 1.83%, to 13,501.21.

Of the 11 major sectors in the S&P 500, eight were green, with utilities leading the charge. Tech was the biggest loser, down 1.8%.

First-quarter reporting season has entered the home stretch, with 439 of the companies in the S&P 500 having reported as of Friday. Of those, 87% have beaten consensus expectations, according to Refinitiv IBES.

Analysts now see year-on-year S&P earnings growth of 50.4% on aggregate, more than double the rate forecast at the beginning of April and significantly better than the 16% first-quarter growth expected on January 1, per Refinitiv

Hotel operator Marriott International Inc missed quarterly profit and revenue expectations due to weak U.S. bookings which offset a rebound in China. Its shares fell 3.4%.

Its rival Wynn Resorts Ltd is expected to report after the bell.

Electric vehicle stocks put on the brakes, with Tesla Inc down 5.6% and Fisker off 9.0% after Workhorse Group missed quarterly revenue expectations.

FireEye rose 1.9% after industry sources identified the cybersecurity firm as among those helping Colonial Pipeline recover from the recent cyberattack.

Advancing issues outnumbered declining ones on the NYSE by a 1.08-to-1 ratio; on Nasdaq, a 1.82-to-1 ratio favored decliners.

The S&P 500 posted 221 new 52-week highs and no new lows; the Nasdaq Composite recorded 203 new highs and 122 new lows. (Reporting by Stephen Culp; Additional reporting by Medha Singh and Sruthi Shankar in Bangalore; Editing by Lisa Shumaker)

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