US stocks fall after last week's big rally as investors digest Fed messaging on rate hikes

• US stocks ended lower on Monday, losing steam after last week's huge rally.
• Investors digested comments from Fed officials. Vice chair Lael Brainard said the pace of rate hike could soon slow.

US stocks fell on Monday, losing steam after a blistering rally last week as investors digested messaging from Federal Reserve officials on the path of monetary policy.

Investors waiting on earnings reports from prominent retailers this week including Walmart and Target. Meanwhile, markets were absorbing comments from Fed governor Christopher Waller over the weekend, stating it was too early for investors to get excited about easing monetary policy. That message conflicted slightly with comments on Monday from Fed Vice Chair Lael Brainard, who suggested the central bank could soon start slowing its pace of rate hikes.

Bitcoin was still weighed down by chaos in crypto markets sparked by the collapse of FTX, trading slightly above $16,200, not far from its lowest point in two years.

Here's where US indexes stood at the 4:00 p.m. closing bell on Monday:

• S&P 500: 3,957.25, down 0.89%

• Dow Jones Industrial Average: 33,536.70, down 0.63% (211.16 points)

• Nasdaq Composite: 11,196.22, down 1.12%

Here's what else is going on today:

• Binance CEO Changpeng Zhao said that Sam-Bankman Fried lied to his shareholders and regulators in a Twitter AMA event, and stated the disgraced crypto billionaire should get most of the blame for FTX's collapse.
• Michael Lewis has been following Sam Bankman-Fried around for months for a new book and likened Bankman-Fried to Luke Skywalker, The Ankler reported.
• Amazon founder Jeff Bezos warned a recession is looming and investors should "prepare for the worst."
• Stocks could see a year-end rally, as Democrats' outperformance in the midterm election suggests the economy is not as bad as many think, Fundstrat said.
• Elon Musk tweeted that a potential stock buyback would be "up to the Tesla board" after hinting of repurchasing shares last month.
• "Big Short" investor Michael Burry revealed 5 stocks he bought last quarter after slashing his portfolio.

In commodities, bonds, and bitcoin:

• Oil prices slipped, with West Texas Intermediate down 4.11% to $85.30 a barrel. Brent crude, the international benchmark, fell 3.6% to $92.52 a barrel.
• Gold rose 0.37% to $1,775.90 per ounce.
• The 10-year Treasury yield ticked higher by about four basis points to 3.87%.
• Bitcoin lost 1.45% to $16,305.88.