Stocks close lower, Dow sheds more than 250 points to snap six-day win streak; European markets close lower as investors focus on Fed meeting this week
Stocks traded lower Monday, pausing a January rally as investors braced for the busiest week of earnings season and a possible interest rate hike from the Federal Reserve.
The Dow Jones Industrial Average declined 260.99 points, or 0.77%, to 33,717.09. The S&P 500 fell 1.3% to 4,017.77. The Nasdaq Composite dropped by 1.96% to 11,393.81.
Information technology and communication services were among the biggest laggards in the S&P 500. Mega-cap tech stocks such as Meta Platforms and Alphabet were about 3% and 2.5% lower, respectively. Semiconductor stock Advanced Micro Devices fell 3.9%.
Elsewhere, Ford shares declined nearly 2.9% after the automaker said it’s cutting prices and ramping up production on its electric Mustang Mach-E crossover, following a similar announcement from Tesla.
The pan-European Stoxx 600 index closed down 0.2%, with most sectors in negative territory. The tech sector led losses, down 1.7%, while food and beverage stocks ended 0.7% higher.
Philips gained 5% after announcing a range of measures to improve profitability, including 6,000 job cuts.
Source: CNBC, Investing.com