Stocks slip as worries about high rates weigh on Wall Street

By STAN CHOE and DAMIAN J. TROISE
AP Business Writers

NEW YORK (AP) — Stocks are slipping again on Wall Street. The S&P 500 was 0.7% lower Monday. It’s on track for a second straight fall after a stunningly strong report on the U.S. jobs market dented the market’s hopes for easing interest rates. Some of the sharpest action was again in the bond market, where expectations are rising for the Federal Reserve to stay firm on keeping interest rates higher for longer to combat inflation. It’s something the Fed has been talking about for a long time, but also something the market has been stubborn about not believing fully.