Stocks drifted lower as Wall Street’s pullback from its recent rally carried into a second week. The S&P 500 fell 0.4% Monday. The index remains close to its highest level in a year. Tech stocks were the heaviest weights on the market and helped drag the Nasdaq to a loss of 1.2%. The Dow slipped 12 points, less than 0.1%. This week does not have many economic or earnings reports that could help answer the main question facing markets: Will the economy be able to avoid a painful recession after global central banks hiked interest rates at a blistering pace fight inflation?
