The US markets ended lower on Monday, magnifying their previous session’s losses. Concerns about the outlook for interest rates continued to weigh on Wall Street following last week's stronger than expected jobs data. Trading activity was somewhat subdued with a lack of major U.S. economic data keeping some traders on the sidelines. The economic calendar remains relatively light throughout the week, although traders are likely to keep an eye on remarks by Federal Reserve Chair Jerome Powell on Tuesday.
Meanwhile, computer hardware stocks saw considerable weakness on the day, resulting in a 2.3 percent slump by the NYSE Arca Computer Hardware Index. Dell Technologies (DELL) posted a steep loss after announcing plans to cut about 6,650 jobs or approximately 5 percent of its global workforce. Significant weakness was also visible among steel stocks, as reflected by the 2.0 percent drop by the NYSE Arca Steel Index. Housing, semiconductor and gold stocks also saw notable weakness, moving lower along with most of the other major sectors.
Dow Jones Industrial Average declined 34.99 points or 0.1 percent to 33,891.02, Nasdaq fell 119.5 points or 1 percent to 11,887.45 and S&P 500 was down by 25.4 points or 0.61 percent to 4,111.08.
