Stock market today: Wall Street drifts lower from all-time high as cuts to rates look further off

By Associated Press

Picture inside the New York Stock Exchange, Men standing with monitors.

New York Stock Exchange (NYSE)

Stocks are edging lower as Wall Street pushes out forecasts for when interest rates will start easing from the strictest levels in two decades.

The S&P 500 was down 0.1% Monday, coming off another all-time high and another winning week.

The Dow Jones Industrial Average was down 179 points, and the Nasdaq composite was close to flat.

Some of the sharpest action was in the bond market, where yields climbed after the chair of the Federal Reserve said again that cuts to interest rates are unlikely to begin in March.

A strong report on U.S. services businesses also pushed yields higher.