U.S. stocks slid on Monday as Wall Street digested latest comments from Federal Reserve officials.
The Dow Jones Industrial Average fell 53.50 points, or 0.24 percent, to 22,296.09. The S&P 500 lost 5.56 points, or 0.22 percent, to 2,496.66. The Nasdaq Composite Index dipped 56.33 points, or 0.88 percent, to 6,370.59.
New York Federal Reserve President William Dudley said Monday that factors restraining price pressures should disappear with time, allowing the U.S. central bank to maintain its gradual pace of monetary policy tightening, according to Bloomberg.
Inflation should pick up with "the fading of effects from a number of temporary, idiosyncratic factors," stabilizing around the Fed's two-percent goal over the medium term, he added.
Meanwhile, Chicago Fed President Charles Evans said that he broadly agrees with his colleagues who believe rates should rise gradually to about 2.7 percent over the next two years or so, from the current range of between one percent and 1.25 percent.
Technology sector, the biggest laggard among the S&P 500's 10 sectors, tumbled 1.42 percent on Monday, as sharp declines in big tech companies, including Apple, Facebook and Amazon, weighed on investor sentiment.
Overseas, the German elections were in focus. The conservative union led by German Chancellor Angela Merkel on Sunday defended its commanding role in the Bundestag (German parliament) with 32.5 percent of the vote. Enditem
The Dow Jones Industrial Average fell 53.50 points, or 0.24 percent, to 22,296.09. The S&P 500 lost 5.56 points, or 0.22 percent, to 2,496.66. The Nasdaq Composite Index dipped 56.33 points, or 0.88 percent, to 6,370.59.
New York Federal Reserve President William Dudley said Monday that factors restraining price pressures should disappear with time, allowing the U.S. central bank to maintain its gradual pace of monetary policy tightening, according to Bloomberg.
Inflation should pick up with "the fading of effects from a number of temporary, idiosyncratic factors," stabilizing around the Fed's two-percent goal over the medium term, he added.
Meanwhile, Chicago Fed President Charles Evans said that he broadly agrees with his colleagues who believe rates should rise gradually to about 2.7 percent over the next two years or so, from the current range of between one percent and 1.25 percent.
Technology sector, the biggest laggard among the S&P 500's 10 sectors, tumbled 1.42 percent on Monday, as sharp declines in big tech companies, including Apple, Facebook and Amazon, weighed on investor sentiment.
Overseas, the German elections were in focus. The conservative union led by German Chancellor Angela Merkel on Sunday defended its commanding role in the Bundestag (German parliament) with 32.5 percent of the vote. Enditem
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