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US indices decline at the end of trading on Monday, and Dow Jones loses more than 200 points
US stocks teetered on Monday, with major indexes hitting their lowest levels today, after Federal Reserve Chairman Jerome Powell sounded the alarm about rising inflation and pledged tough action.
The Dow Jones fell 0.6% to close at 34552.99, the S&P 500 ended the session slightly lower at 4461.18, and the Nasdaq Composite fell 0.4% to 13,838.46.
On Monday, Powell said inflation was too high and pledged to take "the necessary steps to control prices.
He indicated that interest rates could be raised by a quarter of a percentage point to more increases by half a basis point if necessary.
Powell's comments come less than a week after the Fed raised interest rates for the first time since 2018.
Boeing stock fell about 3.6% after the crash of a Boeing 737 passenger plane of China Eastern Airlines, which affected the Dow Jones index.
Higher interest rates appear to have weighed on tech stocks, with the benchmark 10-year yield rising more than 0.15 percentage points to 2.3% higher, Facebook's parent company Meta losing about 2% and Microsoft falling marginally lower.
