NEW YORK, New York – U.S. stocks turned sour Monday, finishing mixed after first eking out modest across-the-board gains.

“The market pullback was because there is still a lot of work to do on inflation,” Shawn Cruz, head trading strategist at TD Ameritrade in Chicago told Reuters news agency Monday. “We’re not seeing the type of demand slowdown we need to see. The whole point of the Fed hiking rates is to slow down the economy.”

Bond markets dropped as yields firmed.

“I think we’re basically seeing a little bit of a carry-through momentum that that level held,” Truist Co-CIO Keith Lerner told CNBC Monday prior to the late sell-off. “What you’re seeing more broadly is just a little bit of follow through from last week’s rally, and you’re seeing the rally being led by the growth areas which are more sensitive to interest rates right now.”

The Dow Jones industrials increased 40.47 p[points or 0.12 percent to close Monday at 33,431.44.

The Standard and Poor’s 500 inched up 2.78 points or -.07 percent to 4,048.42.

The Nasdaq Composite fell 13.27 points or 0.11 percent to 11,675.74.

The U.S. dollar was mixed on Monday, gaining against the majors but losing ground against the commodity bloc.

The euro rose strongly, gaining 0.40 percent to 1.0676 Monday. The Japanese yen was a tad higher at 135.98.

The British pound edged down 0.21 percent to 1.2017. The Swiss franc was in demand, rising 0.40 percent to 0.9321.

The Canadian dollar slipped 0.17 percent to finish Monday around 1.3619. The Australian dollar plummeted 0.58 percent to 0.6726, while the New Zealand dollar dropped 0.57 percent to 0.6185.

International equity markets were mixed Monday. The German Dax gained 0.48 percent, while the FTSE 100 in London lost 0.22 percent.

In Paris, France, the CAC 40 forged ahead by 0.34 percent.

Japan’s Nikkei 225 had a stand-out day, surging 310.31 points or 1.11 percent to 28,237.78.

In Hong Kong, the Hang Seng added 35.65 points or 0.17 percent to 20,603.19.

China’s Shanghai Composite dipped 6.37 points or 0.19 percent to 3,322.03.

The Singapore Straits Times Index edged up 7.29 points or 0.23 percent to 3,239.31.

In Indonesia, the IDX Composite slid 6.64 points or 0.10 p[ercent to 6,807.00.

The Australian All Ordinaries advanced 41.70 points or 0.56 percent to 7,525.70.

New Zealand’s S&P/NZX 50 gained 43.69 points or 0.37 percent to 11,012.48.

In South Korea, the Kospi Composite jumped 30.55 points or 1.26 percent to 2,462.62.