The sell-off in US stocks continued on Monday as investors dialed back their bets for more interest rate cuts from the Federal Reserve.

A strong jobs report on Friday raised questions about whether more rate cuts from the Fed this year are appropriate, given the solid economy and lingering concerns of a rebound in inflation.

While markets, based on the CME FedWatch Tool, expect one 25-basis point interest rate cut from the Fed this year, research firms on Wall Street are dialing back their expectations, suggesting no interest rate cuts at all this year.

"Given a resilient labor market, we now think the Fed cutting cycle is over. Inflation is stuck above target and risks are skewed to the upside. Economic activity is robust. We see little reason for additional easing," economists at Bank of America said in a Friday note.

Tech stocks led the market lower on Monday, with the Nasdaq 100 Index declining by about 1%.

The decline came after the Biden administration released a new set of export control rules on AI chips on Friday after the market close.

Shares of Nvidia, AMD, and Broadcom sold off between 2% and 5% during Monday's trading session.

The outgoing Biden administration said its new rules would set export quotas of AI-enabled GPU chips for about 120 countries in an ongoing bid to limit China and Russia's access to the powerful technology.

Nvidia hit back at the proposed rules, saying in a statement that they "will stifle innovation and undermine America's global technology leadership.

"Restricting access to mainstream computing risks derailing AI progress for industries at home and abroad," Nvidia said.

Here's where US indexes stood at 10:30 a.m. on Monday:

Here's what else is going on:

In commodities, bonds, and crypto:

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