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

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* 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 AA.N and United States Steel X.N by 2.6% and 4.7%,
respectively. MET/L
The S&P Materials index .SPLRCM 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 .SPNY were last up 1.5%.
The Dow Jones Industrial Average .DJI rose 229.72 points,
or 0.66%, to 35,007.48, the S&P 500 .SPX lost 11.09 points, or
0.26%, to 4,221.51 and the Nasdaq Composite .IXIC 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 .SPLRCU 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 MAR.O 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 WYNN.O is expected to report
after the bell.
Electric vehicle stocks put on the brakes, with Tesla Inc
TSLA.O down 5.6% and Fisker off 9.0% after Workhorse Group
WKHS.O missed quarterly revenue expectations. FireEye FEYE.O 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.