The US markets ended mostly in red on Monday as traders were cautious after some Fed officials said the central bank will have to keep raising rates. Comments from a couple of Fed officials that the central bank might raise rates to somewhere above 5%. Meanwhile, investors looked ahead to release of a report on consumer price inflation on Thursday. The report, which is expected to show a notable slowdown in the annual rate of consumer price growth, could have a significant impact on the outlook for interest rates. However, technology stocks outperformed as bond yield dropped.
Salesforce.com gained about 4.7 percent. Intel gained 2 percent. Goldman Sachs, Microsoft, Walt Disney and Cisco Systems posted moderate gains. Tesla shares climbed nearly 6 percent. The electric vehicle maker has indicated longer waiting times for some versions of the Model Y in China, presumably due to recent price cuts. However, Merck drifted down nearly 4 percent. J&J, Travelers Companies, Amgen and Boeing ended lower by 2 to 2.6 percent. Verizon, Walmart and P&G also ended notably lower.
Dow Jones Industrial Average fell 112.96 points or 0.34 percent to 33,517.65 and S&P 500 was down by 2.99 points or 0.08 percent to 3,892.09, while Nasdaq rose 66.36 points or 0.63 percent to 10,635.65.
