Dow tumbles 300 points, S&P 500 skids 1.3% as investors eye Fed response to strong U.S economic data

U.S. stocks fell Monday to kick off a fresh week, with the S&P 500 and Nasdaq both down more than 1.2% heading into midday. The Dow Jones Industrial Average
DJIA,
-1.05%
was down about 299 point, or 0.9%, trading near 34,134, while the S&P 500 index
SPX,
-1.39%
1.2%, and the Nasdaq Composite Index.
COMP,
-1.45%
According to FactSet, it was 1.4% less. Stocks fell on concerns that the Federal Reserve might be more aggressive in 2023, according to FactSet.
In tightening monetary policies than was expected to manage high inflation given that the U.S. has been relatively resilient to Fed’s aggressive rate hikes this year, The 10-year Treasury yield was also rising, climbing 7 basis points, to around 3.58% on Monday. Meanwhile, the 2-year Treasury was at 4.36%.