The Nasdaq's losses for the year are now greater than 32% after Monday's decline. September Producer Price Index data comes Wednesday and Consumer Price report is scheduled for Thursday. PepsiCo, Delta and Domino's are also among companies reporting next week. Four of the world's largest banks – JPMorgan, Wells Fargo, Morgan Stanley and Citi – report Friday. Investors were also cautious ahead of key earnings and inflation reports this week that will shed new light on the U.S. "We're probably going to be in wait and see mode until we open in full force tomorrow." "There are a lot of market participants that really key off of what the Treasury yields are doing, and when they're not open it's hard to have that volume in the market," said Art Hogan, chief market strategist at B. Trading volume was also lower than usual on Monday due to the Columbus Day Holiday. The price of 10-year Treasury futures were lower by about 0.6%. While the bond market was closed, futures on the 10-year Treasury note were lower in Monday trading indicating yields will continue their march higher on Tuesday. Tech shares have also been hit the hardest in this sell-off as rising rates expose their relatively high valuations and raise their cost of capital. companies selling advanced computing semiconductors and related manufacturing equipment to China. would likely fall into a recession in 2023, and that it may not be just a mild economic contraction as some economists have projected.Ī policy change weighed on semiconductor stocks after the Biden administration announced new export controls that limit U.S. The declines came as JPMorgan CEO Jamie Dimon warned that the U.S. The S&P 500 also fell 0.75% to 3,612.39, dragged down by semi stocks and dips in major tech names like Microsoft, while the Dow Jones Industrial Average shed 93.91 points, or 0.32%, to close at 29,202.88. The Nasdaq Composite closed 1.04% lower at 10,542.10, hitting its lowest close since July 2020, weighed down by a slump in semiconductor stocks such as Nvidia and AMD. The Fed has already lifted its rate to 3%-3.25% this year as it fights the steepest inflation in 40 years, while several Fed officials this week continued to highlight the central bank’s single-minded focus on inflation.Stocks closed lower on Monday with the Nasdaq Composite index falling to the lowest level in two years as tech shares continue to be the hardest hit in this bear market because of spiking interest rates. ![]() I'm sure they were disappointed," said Sameer Samana, senior global market strategist at the Wells Fargo Investment Institute.Įxpectations of a 75 basis point hike at the Fed's Nov 1-2 meeting stood at about 80%, up from 57% a week ago, according to the CME Group's Fedwatch tool. "Probably there were some people out there hoping for a weaker number that could set the stage for a Fed pivot. stocks earlier this week was faltering after Friday’s stronger-than-expected jobs numbers undercut hopes that the Federal Reserve would slow its monetary policy tightening anytime soon. A repeat of that pattern may be in store as a sharp bounce in U.S. The S&P 500 has rallied four times this year by 6% or more, only to reverse course and make fresh lows. stocks is helping drive home a humbling message for investors: buying dips may have worked for the last decade, but it’s been a losing strategy so far in 2022. NEW YORK, Oct 7 (Reuters) - Friday’s swoon in U.S.
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