Overview

• The Dow Jones Industrial Average fell 349.27 points to 45,282.47 on Monday.
• Market breadth was weak as sellers locked in gains after last week’s surge driven by rate-cut expectations.
• Fed Chair Jerome Powell suggested the possibility of interest-rate cuts in an Aug. 22 speech, which had propelled stocks to record levels.
• The Nasdaq Composite slipped 47.24 points to close at 21,449.29.
• Traders cited a lack of fresh catalysts and caution at elevated valuations for the broad retreat.