Stocks on Wall Street closed broadly lower Monday, giving back some of the big gains the market notched last week on hopes for interest rate cuts from the Federal Reserve.
- The Dow fell 349.27 points, or 0.8%, to 45,282.47.
- The S&P 500 fell 27.59 points, or 0.4%, to 6,439.32
- The Nasdaq fell 47.24 points, or 0.2%, to 21,449.29.
The selling was widespread, with health care stocks among the biggest drags on the market, the AP reports. Pfizer fell 2.9%, and Eli Lilly and Co. slid 2.3%. Gains for several big technology stocks helped temper the market's losses. Alphabet, Google's parent company, rose 1.2%. Technology heavyweight Nvidia rose 1%. "Markets are just digesting Friday's news and kind of the increasing odds that we're going to see a September rate cut from the Fed," said Anthony Saglimbene, chief market strategist at Ameriprise. Wall Street is still overwhelmingly betting that the Fed will cut interest rates at its next meeting in September. Traders see an 84% chance that the central bank will trim its benchmark rate by a quarter of a percentage point, according to data from CME Group.
Among other big movers Monday on Wall Street: Keurig Dr Pepper, which sank 11.5% after saying it will buy Peet's Coffee owner JDE Peet's in a deal worth about $18 billion. Railroad stocks also fell following a report that Warren Buffett informed CSX management that he is not looking to buy the railroad. Shares in CSX fell 5.1%. Union Pacific dropped 2%, and Norfolk Southern gave up 2.5%. Wall Street has a few more corporate earnings updates this week, essentially wrapping up the latest round of profit reports and forecasts from US companies.
,
uBlock 
,
and
Ghostery 
)
