Stocks extended losses by late in Monday's session as high-momentum names in the tech space weighed on the S&P 500 and Nasdaq.
The S&P 500 was down 0.4%, the Dow Jones Industrial Average was flat, and the Nasdaq fell 0.82%.
Apple (AAPL) dragged on the tech sector after the U.S. Supreme Court rejected an appeal by the tech giant regarding allegations of e-book price fixing. Apple must now pay $450 million to end the suit, the bulk of which will be distributed to e-book customers. Shares were down 1.5%.
Apple is a holding in Jim Cramer's Action Alerts PLUS portfolio.
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Other major tech companies including Amazon (AMZN) , Alphabet (GOOGL) , Microsoft (MSFT) and Facebook (FB) slid, while the Technology Select Sector SPDR ETF (XLK) fell 1.2%. Alphabet and Facebook are holdings in Jim Cramer's Action Alerts PLUS portfolio.
The Fed must be patient in its approach to further rate hikes after making liftoff last December, urged Fed Gov. Lael Brainard in prepared remarks Monday.
"Tighter financial conditions and softer inflation expectations may pose risks to the downside for inflation and domestic activity," Brainard said in a speech to a banking conference in Washington, D.C. "From a risk-management perspective, this argues for patience as the outlook becomes clearer."