At closing bell, the Dow Jones Industrial Average index declined 97.55 points, or 0.25%, to 38,989.83. The S&P500 index shed 6.13 points, or 0.12%, to 5,130.95. The tech-heavy Nasdaq Composite index was down 67.43 points, or 0.41%, to 16,207.51.
Total 7 of the 11 major S&P 500 sectors advanced, with utilities sector being top performer, rising 1.65%, while communication services sector was bottom performer, falling 1.52%.
Federal Reserve Chair Jerome Powell's congressional testimony will be in focus for clues about the outlook for interest rates. Powell is due to testify before the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday.
Among economic data, the Institute for Supply Management is due to release its report on service sector activity in the month of February on Tuesday. Also, the Labor Department's report employment data is due on Friday. Reports on factory orders, private sector employment, weekly jobless claims and the U.S. trade deficit are also due to be released this week along with the Fed's Beige Book.
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