NEW YORK: Wall Street stocks fell for a second straight session on Monday as investors reassessed the prospects for lower interest rates ahead of key Federal Reserve congressional testimony.
Recent commentary from Powell and other Fed officials have opened the door to a possible interest rate cut as soon as this month in light of economic weakness. But the strong jobs data could shift that calculus, analysts said.The broad-based S&P 500 shed 14.46 points to 2,975.95, while the tech-rich Nasdaq Composite Index tumbled 63.41 points to 8,098.38.
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