Wall Street drifts as rate worries offset strong profits

By STAN CHOE
AP Business Writer

NEW YORK (AP) — Stocks are drifting in mixed trading Monday, as worries about rising interest rates and high inflation keep a lid on Wall Street despite some better-than-expected profit reports from banks. The S&P 500 was 0.1% lower in early trading, while the Dow and Nasdaq also drifted between small gains and losses in the first half hour of trading. Stocks have struggled this year as the highest inflation in generations forces the Federal Reserve into a U-turn on the low-interest-rate policies that helped markets soar and the economy to rev in recent years.