Stocks were lower on Monday as last week's rally lost some steam and investors looked ahead towards a big week for the retail sector. The Dow Jones Industrial Average fell over 200 points, while the S&P 500 and Nasdaq Composite slipped 0.9% and 1%, respectively.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Last week, stocks closed at their biggest gains in months as traders were encouraged by slowing inflation in October, with many investors betting it will cause the Federal Reserve to shift its monetary policy in the near-term. The S&P 500 rose nearly 6%, while the Nasdaq gained about 8%.
"This week marks a bit of an information lull for markets as we're past the brunt of third quarter earnings season, past the end-of-month/start-of-month economic data deluge, the busy holiday season is about to start, and we're a mere seven weeks away from 2023," said Chris Hussey, vice president of investment research at Goldman Sachs
"But on the back of last Thursday's encouraging CPI release, markets are contemplating the macro outlook, the possibility that inflation may have finally peaked, the path for rates from here, as well as the possibility of a recession," he added.
As the third-quarter earnings season is starting to come to a close, retail will be in focus this week with Walmart
Elsewhere, Amazon
Separately, Bank of America