Wall Street hit by Powell comments, Dow Jones drops 274 points

NEW YORK, New York - U.S. stocks lost ground on Monday after U.S. Federal Reserve Chair Jerome Powell reiterated that a March interest rate cut remains unlikely.

"With the economy strong like that, we feel like we can approach the question of when to begin to reduce interest rates carefully," he told the Scott Pelley on CBS's 60 Minutes on Sunday night.

"We want to see more evidence that inflation is moving