US stocks saw sawawed Monday but ended the day lower as Wall Street waited for another round of earnings and key data from the retail sector.
The S&P 500 (^GSPC) sunk by 0.9% on the day, while the Dow Jones Industrial Average (^DJI) was down by 0.6%, or more than 200 points. The technology-heavy Nasdaq Composite (^IXIC) fell by 1.1%.
Stocks had ended last week with their biggest gains in months, with lighter inflation data sparking hopes among investors that a monetary policy shift is near. The S&P 500 rose nearly 6%, while the Nasdaq added around 8% for the week.
Treasury yields advanced Monday, and the dollar held firm following weekend comments from Federal Reserve Governor Christopher Waller, who said the central bank still has “a way to go” with interest-rate hikes.
“This isn’t ending in the next meeting or two,” he said.
The comments echoed hawkish remarks this