(CNBC) — Stocks traded lower Monday, pausing a January rally as investors braced for the busiest week of earnings season and a possible interest rate hike from the Federal Reserve.
The Dow Jones Industrial Average declined 260.99 points, or 0.77%, to 33,717.09. The S&P 500 fell 1.3% to 4,017.77. The Nasdaq Composite dropped by 1.96% to 11,393.81.
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Information technology and communication services were among the biggest laggards in the S&P 500, down more than 1.5%, each. Mega-cap tech stocks such as Meta Platforms and Alphabet were about 3% and 2.5% lower, respectively. Semiconductor stock Advanced Micro Devices fell 3.9%.
