Stock market today: S&P 500 ends lower as big tech stumble weighs
Investing.com-- The S&P 500 closed lower Monday as big tech took breather ahead of key market-moving events this week including an update on inflation and remarks from Federal Reserve officials.
By 16:00 ET (20:00 GMT), the Dow Jones Industrial Average was down 162 points, or 0.4%, S&P 500 fell 0.3% and NASDAQ Composite was 0.3% lower.
Atlanta Federal Reserve Bank President Raphael Bostic reiterated Monday that he sees the need for just one rate this week, adding that the strong economy allows the central bank to continues with its cautious approach.
Fed governor Lisa Cook also reiterated the need for the bank or proceed carefully on rate cuts. The somewhat less dovish remarks were in contrast to Fed chairman Powell's speech last week following the central bank's signal that three rate cuts remain on the table for 2024.
Further Fed speak will follow later this week, with remarks from Fed governor Christopher Waller and chairman Jerome Powell likely to garner the bulk of investor attention.
Personal consumption expenditures data, which is the Fed’s preferred inflation gauge, is due this Friday, when the market is on holiday for Good Friday.
Traders now see a 75% chance of the Fed bringing in the first cut in June, according to the CME FedWatch tool, up from around 55% at the start of last week.
Boeing (NYSE:BA) stock rose 1.2% after the aircraft manufacturer announced significant management changes on Monday, with Dave Calhoun to step down as CEO at the end of 2024.
United Airlines (NASDAQ:UAL) stock fell 4.5% after the U.S. Federal Aviation Administration's move to increase its oversight of the carrier after a series of recent safety incidents.
Super Micro Computer Inc (NASDAQ:SMCI) jumped more than 7% after
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