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Stocks Snap Rally as Fed Pivot Seems Less Likely: Markets Wrap

  • The dollar declined as US manufacturing activity cooled
  • Fed officials reinforced tighter policy message on weekend
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WATCH: Goldman is “overweight” energy and banks in Asia, says strategist Tim Moe.Source: Bloomberg
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US equities snapped a three-day rally as investors digested hawkish comments from Federal Reserve officials and data showing slower growth in the manufacturing sector. 

The S&P 500 fell on Monday after notching its best month since 2020. The tech-heavy Nasdaq 100 was little changed after rising as much as 1.1%. Both indexes struggled for direction throughout the session. US Treasuries rallied, with the 10-year yield declining to around 2.59%, the lowest since April.