Stocks closed out Monday's trading session in the red, on continued concerns the Fed could raise rates sooner rather than later. Bobbi Rebell reports.
Stocks meandered in and out of positive territory Monday. Investors were fixated on the Fed and what the Fed governors have to say about the direction of interest rates, says market economist Peter Cardillo. SOUNDBITE: PETER CARDILLO, CHIEF MARKET ECONOMIST, FIRST STANDARD FINANCIAL, (ENGLISH) SAYING: "I think the market is basically under Fed watch, and I say that because this week, we have a lot of Fed speakers." Apple and chip stocks putting positive pressure on the big indexes. A Taiwanese daily said the company asked its suppliers to make up to 78 million iPhone 7s, far more than the market expected. Tribune Publishing rejected Gannett's sweetened takeover bid. The owner of the Chicago Tribune and Los Angeles Times also said billionaire entrepreneur Patrick Soon-Shiong has invested $70.5 million in the company. German drug maker Bayer making an unsolicited bid. It's offering $62 billion in cash for U.S. seeds company, Monsanto. Power struggle at Viacom. CEO Philippe Dauman and a board director filed suit. They're trying to stop Sumner Redstone from removing them from a trust that will determine the direction of the media conglomerate. Redstone has 80 percent voting control of Viacom. In Europe, energy stocks pulled the markets lower.