Stocks fell across the board Monday, as investors continued to digest the stronger-than-expected jobs report.
As of market close, the S&P 500 (^GSPC) was 14.46 points, or 0.48%, lower, while the Dow (^DJI) fell 115.98 points, or 0.43%. The tech-heavy Nasdaq (^IXIC) declined 63.41 points, or 0.78%.
Meanwhile, gold (GC=F) fell 0.32%, dragging down the precious metal to $1,395.60 per ounce, as investors flocked to safety. Crude oil (CL=F) sank 0.05% to $57.48 per barrel.
After hitting recording highs last week, stocks pulled back from those levels, as investors began to fear that the probability of a July rate cut had declined significantly following the jobs report. Now, investors will be shifting their attention to a couple of upcoming events — Powell’s testimony this week and second-quarter earnings.
The highlight of the week will come on Wednesday when Federal Reserve Chairman Jerome Powell heads to Capitol Hill to kick off two days of testimony in front of Congress. Powell will be delivering his semi-annual Monetary Policy Report. Market participants will be closely monitoring his language for any clues on what the central bank’s monetary policy path will look like going forward.