Wall Street started off the week with more losses for stocks Monday, as investors brace for higher interest rates from central banks to fight inflation.
The S&P 500 fell 0.9 percent, with most of the sectors in the benchmark index closing in the red. The Dow Jones Industrial Average fell 0.5 percent at the Nasdaq composite lost 1.5 percent. Small company stocks also fell, pulling the Russell 2000 1.3 percent lower.
The latest wave of selling extends the major indexes’ losing streak to a fifth day. Each index posted a weekly loss the past two weeks.
Markets have been slumping as hopes for a gentler Federal Reserve vanish amid stubbornly hot inflation. The central bank last week raised its forecast of how long interest rates have to stay elevated to cool inflation that has been hurting businesses and threatening spending. The European Central Bank also warned that more rate hikes are coming….