Stocks slipped again on Wall Street.
The S&P 500 fell 0.6% Monday, its second straight fall after a stunningly strong report on the jobs market dented the market’s hopes that interest rates would ease. The Nasdaq and the Dow also fell.
The sharpest action was again in the bond market, where expectations are rising for the Federal Reserve to stay firm on keeping interest rates higher for longer to combat inflation. It’s something the Fed has been talking about for a long time, but also something the market has been stubborn about not believing fully.
On Monday:
The S&P 500 fell 25.40 points, or 0.6%, to 4,111.08.
The Dow Jones Industrial Average fell 34.99 points, or 0.1%, to 33,891.02.
The Nasdaq composite fell 119.50 points, or 1%, to 11,887.45.
The Russell 2000 index of smaller companies fell 27.82 points, or 1.4%, to 1,957.72.
For the year:
The S&P 500 is up 271.58 points, or 7.1%.
The Dow is up 743.77 points, or 2.2%.
The Nasdaq is up 1,420.97 points, or 13.6%.
The Russell 2000 is up 196.47 points, or 11.2%.
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