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April 12 (UPI) -- U.S. markets fell slightly from record highs Monday after Federal Reserve Chairman Jerome Powell warned of "elevated" assets. The Dow Jones Industrial Average slid 55.2 points, or 0.16%, while the S&P 500 dropped 0.02% and the Nasdaq Composite closed the day down 0.36%.
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Markets responded to comments Powell made on CBS' 60 Minutes on Sunday evening declaring he was monitoring the stock market as prices have risen to historic heights.
"We do look at asset prices. And I would say, you know, some asset prices are elevated by some historical metrics," he said.
Powell added, however, there are people who believe the "stock market is not over-valued, or it wouldn't be at this level."
He also reiterated that the central bank would remain committed to its easy money policy.
"I think it's highly unlikely that we would raise rates anything like this year," he said. "I'm in a position to guarantee that the Fed will do everything we can to support the economy for as long as it takes to complete the recovery."
Boeing led the decline in the Dow, dropping 1.16%. Stocks that would benefit from the widespread lifting of COVID-19 restrictions also contributed to Monday's losses as Carnival stock fell 5.29%, Norwegian Cruise Line dropped 4.19% and United Airlines declined 3.88%.
Chris Larkin, managing director of trading and investing product at E-Trade, said it was "not surprising for the market to be moving in a holding pattern of late," amid new highs.
"All eyes will likely be on the CPI read tomorrow for a benchmark on where we stand on the inflation front. And of course we're ushering in earnings season, which could be a catalyst for market moves over the next few weeks," Larkin said.
Tech stocks performed well Monday, preventing further declines, as Tesla stock climbed 3.69% and Nvidia gained 5.62%.
Shares of Nuance Communications shot up 15.95% after Microsoft announced it would acquire the speech recognition company for $16 billion.
