NEW YORK (AP) — Stocks slipped following the latest evidence that the economy remains strong, which could delay the cuts to interest rates that Wall Street wants.

The S&P 500 fell 0.3% from its all-time high Monday. The Dow Jones Industrial Average lost 0.7%, and the Nasdaq composite slipped 0.2%.

McDonald's was a heavy weight after it reported weaker revenue than expected.

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.