The S&P 500 fell on Monday, weighed down by further gains in oil prices and a steep decline in tech, as traders looked past comments from Federal Reserve Chair Jerome Powell on inflation.
The Dow Jones Industrials index regained 49.5 points to 45,216.14.
The S&P 500 index swooned 25.13 points to 6,343.72, putting it even closer to correction territory, as it’s now declined 9.3% from its 52-week intraday high.
The move lower was led by declines in the technology sector, which fell more than 1%. On the flip side, sectors such as financials and utilities saw gains.
The NASDAQ stumbled 153.72 points to 20,764.64.
Fed Chair Powell said Monday that even with rising energy prices, he sees inflation expectations as “well anchored beyond the short term.”
While he did say that the central bank could “eventually maybe face the question of what to do here,” he stressed that it’s “not really facing it yet, because we don’t know what the economic effects will be.”
“The United States of America is in serious discussions with A NEW, AND MORE REASONABLE, REGIME to end our Military Operations in Iran,” Trump said in a post on Truth Social on Monday.
However, while the president added that “great progress has been made,” he also said that if a peace deal is not reached “shortly” and the Strait of Hormuz is not “immediately” reopened, the U.S. will “conclude our lovely ‘stay’ in Iran by blowing up and completely obliterating all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!), which we have purposefully not yet ‘touched.’”
Shares of chipmaker giant Nvidia fell 0.5% after trading in the green at the opening bell on Monday.
The market will be closed on Friday in observance of Good Friday, although the March jobs report is still scheduled for release that morning.
Prices for the 10-year Treasury jumped, lowering yields to 4.34% from Friday’s 4.43%. Treasury prices and yields move in opposite directions.
Oil prices tacked on $4.27 to $103.91 U.S. a barrel.
Gold prices gained $16.50 to $4,509 U.S. an ounce.
