The S&P 500 (^GSPC) fell 0.9% on the day, while the Dow Jones Industrial Average (^DJI) fell 0.6%, or more than 200 points. The tech-heavy Nasdaq Composite ( ^IXIC ) fell 1.1%. Stocks closed last week with their biggest gains in months, as lighter inflation data fueled investor hopes that a shift in monetary policy is around the corner. The S&P 500 rose nearly 6%, while the Nasdaq added about 8% for the week. Bond yields rose on Monday and the dollar was steady after comments over the weekend by Federal Reserve Governor Christopher Waller, who said the central bank still has “a long way to go” with rate hikes. “This doesn’t end in the next meeting or two,” he said. The comments echoed hawkish comments this month from Fed Chairman Jerome Powell and reinforcements from other colleagues who also confirmed that rate hikes were far from over. Some individual stocks that were trending on Yahoo Finance on Monday: The story continues Walmart ( WMT ), Target ( TGT ) and The Home Depot ( HD ) are among the big companies set to report third-quarter financials this week. Data from FactSet Research shows that as of Friday, 91% of S&P 500 companies reported third-quarter earnings, with 69% reporting actual earnings per share above the average estimate — below the five-year average of 77% which he overcame. Also on Wall Street’s plate is another round of economic data, including the monthly retail sales report out on Wednesday. Economists polled by Bloomberg had forecast a nominal increase of 1% for October after spending was unexpectedly flat in September as consumers pulled away from big-ticket items amid high inflation and rising interest rates. Wall Street strategists have also started publishing their outlook for 2023, with Morgan Stanley’s chief US equity strategist Mike Wilson seeing tougher changes ahead. “While its key year-end 2023 price target of 3,900 is roughly in line with where the market is trading, it won’t be a smooth ride,” strategists led by Wilson wrote in “2023 US Equities Outlook: The path not taken” note. “After what is left of this current tactical rally, [Wilson] sees S&P 500 discounting ’23 earnings risk sometime in 123Q via a ~3,000-3,300 bottom.” Elsewhere, President Joe Biden met with Chinese leader Xi Jinping on Monday as the US seeks a stronger alliance with nations that can help discourage China from taking military action against Taiwan. Meanwhile, the cryptocurrency world continued to see a rapidly unfolding sequence of events. The collapse of FTX International has threatened losses for both large and small investors, with FTX filing for bankruptcy on Friday in a stunning fall for a crypto empire. The fallout continued over the weekend. FTX investigated a possible hack and asked customers to stay off the site, while crypto exchange Crypto.com sent $405 million to the wrong recipient. Bitcoin fell 0.7% to $16,246.64 by the end of Monday’s US trade amid FTX’s deepening woes. — Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv Click here for the latest stock market news and in-depth analysis, including the events that move stocks Read the latest financial and business news from Yahoo Finance Download the Yahoo Finance app for Apple or Android Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn and YouTube
