S&P 500, Nasdaq close lower to snap two-day rally, Dow sheds 200 points; European markets close flat as investors assess Fed outlook
The Dow Jones Industrial Average fell 211.16 points, or 0.6%, to 33,536.70. The S&P 500 was lower by 0.89% to 3,957.25, and the tech-heavy Nasdaq Composite dropped 1.12% to 11,196.22. Trading was choppy throughout the day, with the market struggling for direction throughout the session and then sliding into the close.
Ahead of Brainard’s comments, stocks took a big fall following reports that Amazon will lay off about 10,000 employees as early as this week. Around the same time, a Fed survey showed consumers’ inflation expectations for the year ahead rose, weighing further on sentiment.
The pan-European Stoxx 600 closed up 0.1% provisionally, having struggled to break away from the flatline throughout the session. Technology stocks ended 1% higher in a mixed day’s trade, while financial services and travel and leisure stocks both fell 1.3%.
German arms manufacturer Rheinmetall was among the top-performing European stocks Monday, up 8.2% in afternoon trading, after agreeing a takeover of Spain’s Expal systems.
Roche fell 4.7% after the Swiss pharmaceutical company’s Alzheimer’s drug candidate failed two long-awaited trials.
Source: CNBC, Investing.com