Stocks closed lower on Wall Street after a big jump last week on hopes for interest rate cuts from the Federal Reserve.
The S&P 500 fell 0.4% Monday. The Dow Jones Industrial Average gave back 0.8% after setting a record on Friday.
Tech stocks did better than the rest of the market, leaving the Nasdaq composite down just 0.2%. Health care stocks were broadly lower. Keurig Dr Pepper slumped after saying it will buy Peet’s Coffee owner JDE Peet’s in a deal worth about $18 billion.
On Monday:
The S&P 500 fell 27.59 points, or 0.4%, to 6,439.32
The Dow Jones Industrial Average fell 349.27 points, or 0.8%, to 45,282.47.
The Nasdaq composite fell 47.24 points, or 0.2%, to 21,449.29.
The Russell 2000 index of smaller companies fell 22.78 points, or 1%, to 2,339.17.
For the year:
The S&P 500 is up 557.69 points, or 9.5%.
The Dow is up 2,738.25 points, or 6.4%.
The Nasdaq is up 2,138.50 points, or 11.1%.
The Russell 2000 is up 109.02 points, or 4.9%.