Stock market news: Stocks got drubbed on Monday, falling across the board as this summer’s market rally stalled out.
When the closing bell rang on Wall Street, the S&P 500 was down 2.1%, the Nasdaq off 2.6%, and the Dow down 640 points, or 1.9%.
Monday’s losses completed the biggest two-day declines for the Nasdaq and the S&P 500 since June. For the S&P 500, Monday marked the index’s largest decline since June 16, the date that also marks the market’s most recent bottom.
Last week, the major averages lost ground for the first time in four weeks, snapping their longest weekly winning streak since November 2021.
This drop in markets comes ahead of a busy week for economic news with the Federal Reserve’s key Jackson Hole symposium set for Friday, the same day investors expect updates on inflation data and consumer sentiment.
Stock futures inch higher after major averages suffer worst day since June
WTI crude oil futures were volatile in afternoon trade, with crude falling below $87 a barrel on Monday morning before headlines on possible production cuts from Saudi Arabia sent crude back towards $90 a barrel.
The euro was also trading back below parity with the US dollar as the dollar continues its best year since the late ’90s.
Elsewhere in markets on Monday, bitcoin (BTC-USD) was down nearly 2% and threatening to again break $21,000 after cracking this level overnight for the first time since late July.
Crypto markets, which have rallied alongside stocks over the last several weeks, also stalled out on Friday with bitcoin and Ethereum (ETH-USD) both losing about 8%.
There’s no simple story to tell about the current market moment: Morning Brief
The 10-year yield, which had declined as bonds rallied with stocks in the early phase of this summer’s rebound, was trading above 3% on Monday, its highest level since July 20. The 10-year yield rose about 20 basis points last week amid a broader slide in the stock market.
The latest iteration of the meme trade continued to unravel early Monday, with shares of AMC (AMC) falling 42% Monday as the company’s new preferred share class began trading under the ticker ‘APE’ (APE).
Stock futures inched higher Tuesday as the market tried to recover from its worst day since June.
Futures tied to the Dow Jones Industrial Average added 40 points, or 0.1%, while S&P 500 and Nasdaq 100 futures also gained 0.1%.
The Sell-Off in Stocks Continues in Asia and Europe
Palo Alto Networks surged in the premarket on the back of strong quarterly results, while Zoom Video shares slumped after the video conferencing company lowered its full-year forecast.
Wall Street is coming off a downbeat session, as a summer rally continued to fade amid mounting rate hike concerns.
The Dow dropped more than 600 points Monday, while the S&P 500 and Nasdaq Composite fell more than 2% each. Those were the biggest one-day drops for the Dow and S&P 500 since June 16. The Nasdaq suffered its worst session since June 28.
Stocks Can Rally Out of Jackson Hole, Strategists Say
Monday’s sell-off was broad-based, with all 11 S&P 500 sectors closing lower, led by declines in information technology and consumer discretionary stocks. A slide in tech stocks weighed down the tech-heavy Nasdaq.
“The global growth story is in shambles right now,” said Ed Moya, a senior market analyst at Oanda. “That’s what’s kind of weighing on risk appetite right now because you can’t have the U.S. continue to be attractive while the rest of the world is crumbling.”
Hawkish recent comments from Federal Reserve officials appear to have convinced market participants to get out of the way as the central bank raises interest rates, leading to a consensus that Chair Powell will deliver a hawkish message on Friday, according to Standard Chartered Plc.
Dow posts worst day since June
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