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Dow Jones Industrial Average fell more than 600 points
US stocks fell to their lowest levels of this year on Monday as investors worry about rising rates and possible recession amid record high inflation.
The S&P 500 plunged 3.2% falling below the 4,000 mark while the Dow Jones Industrial Average fell more than 600 points.
The S&P 500 fell as low as 3,975.48 on the day—its lowest level since March 2021—to settle at 3,991.24 while the Dow tumbled 1.99% or 653.67 points to 32,245.70. The Nasdaq Composite declined 4.29% to 11,623.25.
Meanwhile, the yield on the benchmark 10-year Treasury note was at 3.080% on Monday—the highest level since late 2018.
The US market has been volatile this year as inflation surges to its highest level in nearly 40 years, resulting in interest rate hikes by the Federal Reserve.
Investors are also worried of supply-chain constrains intensified due to Russia’s invasion of Ukraine and lockdowns imposed in China as Covid-19 cases increases in the country.
Tech stocks take the hit
Tech companies including Facebook parent Meta Platforms Inc (NASDAQ: FB), Amazon.com Inc (NASDAQ: AMZN) and Apple Inc (NASDAQ: AAPL) lost 3.8%, 5.2% and 3.3% respectively.
Other tech giants such as Alphabet Inc (NASDAQ: GOOGL) tumbled 3.7% and Netflix Inc (NASDAQ: NFLX) declined 4%. Tesla Inc (NASDAQ: TSLA) and Nvidia (NASDAQ: NVDA) plunged more than 9% each.
Industrial stocks also suffered losses as Caterpillar Inc (NYSE: CAT) lost 3.9% while Boeing Inc (NYSE: BA) plunged more than 10%.
Picture Credits: Reuters
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