S&P 500 Falls on Monday, Weighed Down by Rising Oil Prices and Tech Decline
The S&P 500 fell on Monday, weighed down by further gains in oil prices and a steep decline in tech stocks, as traders looked past comments from Federal Reserve Chair Jerome Powell on inflation.
The broad-based index dipped 0.39%, posting a third consecutive losing session and settled at 6,343.72. The S&P 500 was just over 9% off its closing high. The move lower was led by declines in the technology sector, which fell more than 1%. On the flip side, sectors such as financials and utilities saw gains. The Nasdaq Composite dropped 0.73% to 20,794.64. The Dow Jones Industrial Average added 49.50 points, or 0.11%, and closed at 45,216.14.
The CBOE Volatility Index, otherwise known as Wall Street’s fear gauge, topped 30 during the session.
U.S. oil prices also rose to start the week, with West Texas Intermediate futures settling up 3.25% at $102.88 per barrel — its highest close since July 19, 2022. Brent crude futures inched up 0.19% to $112.78 a barrel and were on pace for the biggest monthly surge ever with a 55% rise in the period.
Source : Newsmaker.id
