On Monday, stocks experienced a decline following indications of continued economic strength, potentially postponing the interest rate cuts desired by Wall Street.

The S&P 500 retreated by 15.80 points, equivalent to 0.3%, from its record high achieved on Friday, settling at 4,942.81.

The Dow Jones Industrial Average also dipped by 274.30 points, or 0.7%, closing at 38,380.12, while the Nasdaq composite saw a marginal decrease of 31.28 points, or 0.2%, ending the day at 15,597.68.

As earnings season approaches its midpoint, approximately half of the companies listed in the S&P 500 have disclosed their latest results, including several prominent players in the market, the Associated Press reported.

Estee Lauder witnessed a 12% surge after surpassing analyst expectations with its revenue and profit figures.

Conversely, McDonald’s experienced a 3.7% decline despite reporting stronger-than-anticipated profits, as its revenue for the previous quarter slightly missed forecasts.

Written by B.C. Begley