The S&P 500 Index ($SPX) (SPY) Monday closed down -1.20%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.65%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.65%.
Stock indexes Monday gave up an early advance and closed moderately lower, with the S&P 500 posting a 1-3/4 month low, the Dow Jones Industrials dropping to a 2-3/4 month low, and the Nasdaq 100 falling to a 3-week low. Higher bond yields undercut stocks Monday after the 10-year T-note yield jumped to a 5-month high. Expectations that the Fed will not cut interest rates anytime soon pushed bond yields higher and weighed on stocks after Monday’s US Mar retail sales report rose more than expected. The weakness of megacap technology stocks also pressured the overall market.
