Dow sheds nearly 500 points, stocks finish lower on worries of further Fed rate hikes; European markets close lower as investors gauge China’s Covid relaxation, oil moves
Stocks fell Monday on fears that the Federal Reserve may continue tightening until it tips the economy into a recession.
The Dow Jones Industrial Average fell 482.78 points, or 1.4%, to finish at 33,947.10. The S&P 500 and Nasdaq Composite slid 1.79% and 1.93%, respectively, to settle at 3,998.84 and 11,239.94.
Tesla shares shed 6.4% on reports of an output cut at its Shanghai factory, while tech stocks like Amazon and Netflix slid more than 2% each on growth concerns. Salesforce tumbled 7.3% as it announced the departure of Slack’s CEO.
Boeing was the only name in the Dow Jones Industrial Average holding onto gains during Monday’s session.
The aerospace stock gained 1.4%, rising for a second session following a report that it’s nearing a deal with United Airlines for a major 787 Dreamliner order.
The pan-European Stoxx600 ended 0.4% lower, with most sectors in negative territory. Food and beverage stocks shed 1.5% to lead losses, while basic resources gained 0.6%.
Source: CNBC, Investing.com