(MENAFN- ProactiveInvestors)US shares were broadly flat at midsession on Monday but downside was pronounced for small caps after US data suggested the Federal Reserve would not raise rates soon. The broad-based S&P500 was flat at 2036. Meanwhile the S&P Midcap 400 was down 0.2% at 1411 the S&P Smallcap 600 was 0.44% lower at 663 and the broader small-cap Russell 2000 was down 0.4% at 1075. Mid-caps did have some respite however as the biggest riser was SunEdison (NYSE:SUNE) up 13.2% at $1.37 after reports that the renewable energy company is temporarily suspending stock contributions to the retirement savings plans of its directors and executives. The "blackout period" will continue until the company is up to date with its financial filings with the SEC. SunEdison has delayed filing its annual 10-K statement to the SEC twice. If the company does not file the report by March 30 it could face a technical default on $1.4bln in loans and credit facilities Bloomberg News reported. Last week investors speculated on higher rates after Atlanta Fed president Dennis Lockhart started the ball rolling with a suggestion that US interest rates may rise as early as the next Federal Reserve meeting. Philadelphia Fed President Patrick Harker echoed the comments and said a rate rise next month should be considered while Charles Evans Chicago Fed President added he expects two more rate rises over the course of 2016. But the US dollar reversed early gains and moved lower after US consumer spending data indicated a cooling economy and weak first-quarter gross domestic product growth. Monday's weaker-than-expected consumer spending as well as a downward adjustment to January's numbers and weak readings for personal income and inflation suggested the Fed may stay on hold through its next two meetings in April and June. With European markets closed for Easter Monday holiday US market volumes were sharply down with the S&P500 index clocking in 152mln. The average for a full day is 650mln. But what price action there was did not favour the energy sector which dominated the decliners on Monday. On the S&P500 index Noble Energy (NYSE:NBL) was the biggest faller down 7.4% at $29.96 followed by Chesapeake Energy (NYSE:CHK) down 4.7% at $4.05. Other energy groups in the top 10 fallers were Devon Energy (NYSE:DVN) down 3.9% at $25.43 NRG Energy (NYSE:NRG) down 3.3% at $12.71 and Transocean (NYSE:RIG) down 2.9% at $9.11. Oil prices sagged along with the dollar and bourses. The US benchmark West Texas Intermediate was down 0.9% at $39.10. On Thursday oil prices surged after news that the US oil and gas rig count was now as low as in 1940.
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