(CNBC) — U.S. stocks closed lower Monday in low volume trade as investors awaited further indications on the timing of the Federal Reserve's next interest rate hike.
"This is all pretty much sideways. I think the market's just looking for the next cue for the Fed in data," said John Caruso, senior market strategist at RJO Futures.
Durable goods and the second revision to first-quarter GDP are all due later in the week, in addition to several speeches from Fed policymakers. Earlier Monday, the flash Markit manufacturing PMI came in at 50.5 in May, down from 50.8 in April.
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