Major U.S. stock-indexes lower on Monday as investors weighed the prospect of the Federal Reserve raising interest rates as soon as September, after Friday's strong jobs report. While the Fed is broadly expected to raise rates this year, the timing of the move has kept the market on tenterhooks as the central bank studies data for signs of a healthier economy. The stronger-than-expected jobs data for May and a pickup in wages were the latest signs of improved momentum in the economy, prompting expectations of a rate hike coming sooner rather than later. Wall Street's top banks said they expect the Fed to begin raising rates in September, followed by another increase before the end of the year, according to a Reuters poll.
Most of Dow stocks in negative area (17 of 30). Top looser - International Business Machines Corporation (IBM, -1.30%). Top gainer - Verizon Communications Inc. (VZ, 1.02%).
All S&P index sectors in negative area. Top looser - Services (-0.6%).
At the moment:
Dow 17790.00 -52.00 -0.29%
S&P 500 2083.50 -8.75 -0.42%
Nasdaq 100 4446.50 -35.00 -0.78%
10-year yield 2.38% -0.02
Oil 58.29 -0.84 -1.42%
Gold 1172.30 4.20 0.36%