U.S. stocks ended modestly lower after a worrying monthly survey of consumer confidence was offset by a Federal Reserve official cautioning against hasty rate hikes. The Dow Jones Industrial Average fell 131.6 points, or 0.26%, to 51349.92. The S&P 500 slipped 12.85 points, or 0.17%, to 7670.84. The tech-heavy Nasdaq shed 22.84 points, or 0.09%, at 26797.54.

The Conference Board reported that consumer confidence dropped sharply this month to a low not seen since 2014 due in part to higher prices, particularly for oil and gasoline. The consumer confidence index fell by 6.7 points to 81.9, much weaker than economists polled by The Wall Street Journal had forecast.

Stocks bounced off their lows when New York Fed President John Williams said the central bank didn’t need to rush on hiking rates this year. “There is no need for urgency,” Williams said in Buffalo, N.Y.

Treasury yields continued higher. The benchmark 10-year yield rose to 5.256%, its highest since 2002. International benchmark Brent crude fell $2.69, or 2.6%, to $102.59 a barrel. Write to Dean Seal at [email protected]