Stocks drifted lower as Wall Street’s pullback from its recent rally carried into a second week.
The S&P 500 fell 0.4 percent Monday. The index remains close to its highest level in a year. Tech stocks were the heaviest weights on the market and helped drag the Nasdaq to a loss of 1.2 percent. The Dow slipped 12 points, less than 0.1 percent.
This week does not have many economic or earnings reports that could help answer the main question facing markets: Will the economy be able to avoid a painful recession after global central banks hiked interest rates at a blistering pace to fight inflation?
On Monday:
The S&P 500 fell 19.51 points, or 0.4 percent, to 4,328.82.
The Dow Jones Industrial Average fell 12.72 points, or less than 0.1 percent, to 33,714.71.
The Nasdaq composite fell 156.74 points, or 1.2 percent to 13,335.78.
The Russell 2000 index of smaller companies rose 1.63 points, or 0.1 percent, to 1,823.26.
For the year:
The S&P 500 is up 489.32 points, or 12.7 percent.
The Dow is up 567.46 points, or 1.7 percent.
The Nasdaq is up 2,869.30 points, or 27.4 percent.
The Russell 2000 is up 62.01 points, or 3.5 percent.
