Stocks closed lower on Wall Street, adding to their recent losses as traders realized how determined the Federal Reserve is to keep interest rates high to fight inflation.

The S&P 500 gave back almost 1% Monday. Technology companies were the biggest drag on the index.

The Nasdaq and the Dow Jones Industrial Average also fell.

This week investors will get more updates on the economy including the government's monthly jobs report on Friday and a reading on consumer confidence Tuesday from the Conference Board.

European markets were also lower and Asian markets closed lower overnight. Treasury yields were higher.