S&P 500 (GSPC), fell 0.1% while Dow Jones Industrial Averages (DJI), rose 100 points or 0.3% shortly after the open. Technology-heavy Nasdaq Composite fell 0.5%. U.S. Treasury yields increased in other markets, while the U.S. Dollar index fell. Monday's actions follow a rout that occurred last week after Federal Reserve officials gave a half-percentage point increase in their overnight policy rate. Powell stated Wednesday that to reduce inflation, it would likely take a sustained period below-trend growth along with some softening labor market conditions. The historical record warns against prematurely loosening policies. The U.S. central banks' message about a sustained, restrictive monetary program has dampened expectations for a Santa Claus rally. This is a steady rise that takes place around the year-end holidays. "It's been an all-out one-two punch, it's been about Fed and then weaker economic data. That has created a picture that shows a Fed that has been ruthless in inflation and perhaps careless about the economy. Not recognizing in particular the impact and damage that what it has done so far has caused," Invesco Chief Global Market Strategy KristinaHooper stated to Yahoo Finance Live. Alexandra Semenova works as a reporter at Yahoo Finance. Follow Yahoo Finance on Twitter and Facebook. Flipboard, LinkedIn, Instagram, Flipboard and YouTube.