By Yasin Ebrahim

Investing.com – The major averages retreated from record highs Monday, though gains in energy and consumer discretionary kept downside momentum in check ahead of data-laden week including a decision from the Federal Reserve on bond buying.

It fell 0.1% to reach an all-time record 4,619.20. It was up 0.1% or 38 points, after surpassing 36,000 for its first ever milestone. Nasdaq gained 0.37%. It had previously reached a record 15531.0. Small caps: The remained steady at 2.4% for its highest day in one year. 

Petroleum prices increased by about 1% amid rising expectations that major oil producers will not increase oil production to address the shortage.

Bank of America predicts that oil will reach $120 per barrel at the end of June 2022 due to a rebound in gasoline demand and refining-capacity limitations. This could support prices.

Devon Energy (NYSE:) Marathon Oil (NYSE:), APA Corporation, (NASDAQ:), were some of the largest gainers in this sector.

Last week’s gains in consumer discretionary were led by Tesla (NASDAQ 🙂 which saw the electric vehicle manufacturer reach new records.

Casino stocks including Las Vegas Sands (NYSE:), Wynn Resorts (NASDAQ:), Melco Resorts & Entertainment (NASDAQ:) also lifted the sector, shrugging off data showing casino revenue in the Asian gambling mecca of Macau fell by 40% in the 12 months through October.

However, tech was an obstacle to the wider market. Big Tech started the week in the rearfoot due to a rise of Treasury yields.

Apple (NASDAQ), Google-parent Alphabet(NASDAQ:), Facebook, Microsoft, and Amazon (NASDAQ 🙂 all were down.

However, the 1.6% mark was not quite as high as expected.

Pantheon Macroeconomics stated in a note that “The manufacturing sector continues to grow, but faces serious headwinds which are likely to persist until next spring.”

Also, Coca-Cola Co Bodyarmor was acquired by (NYSE:) for $5.6 billion. This acquisition is part of the history of the beverage giant and a bid to compete with Gatorade as the market leader.

Harley-Davidson (NYSE 🙂 rose 9% in the wake of the U.S.-EU agreement on tariffs on steel and aluminium. The deal also reduces the chance that Harley-Davidson will be subject to an import duty of 56% into the EU.

Wall Street is grinding higher just one day before the Fed’s Tuesday meeting, which begins on Tuesday. It will result in an unchanged rate decision and an announcement about a reduction of bond buying of approximately $15 billion per month.