NEW YORK (AP) — Stocks closed lower on Wall Street, easing back after posting a big gain last week on hopes that the worst of the nation's inflation may finally have passed.

The S&P 500 lost 0.9% Monday after drifting between gains and losses for much of the day.

Some analysts have called Wall Street's rally from last week overdone, saying one month of encouraging data isn't enough to say it's soon to be under control.

Fed officials have also urged caution, though its vice chair on Monday called it reassuring and said smaller rate hikes may be on the way.