U.S. stocks closed modestly lower Monday, tacking more losses onto last week’s stumble, as worries about inflation continue to dog Wall Street.
The S&P 500 lost 0.3% following its 1.4% drop last week from its record high. Big Tech stocks weighed most heavily on the market. The sector has been responsible for big swings in both directions over the last few weeks as investors weigh the impact of rising inflation and a broad economic recovery.
Energy and materials companies did better than the rest of the market and helped to limit the losses. Small-company stocks closed higher.