US stocks fell sharply Monday, pushing the S&P 500 below the key 4,000 level as investors brace for another week of volatility amid a fresh report on inflation, as well as the winding down of the first-quarter earnings season.
|I: DJI||DOW JONES AVERAGES||32245.7||-653.67||-1.99%|
|I: COMP||NASDAQ COMPOSITE INDEX||11623.2484||-521.41||-4.29%|
The Dow Jones Industrial Average fell over 600 points or 2%, while the Nasdaq Composite fell 4%, and the S&P dipped to levels not seen since April 2021.
Large-cap tech contributed to a bulk of the selling, with Apple and AMD among biggest losers.
TYSON FOODS BENEFITS AS BEEF, CHICKEN, PORK PRICES RISE
|OMG||ADVANCED MICRO DEVICES INC.||86.36||-8.98||-9.42%|
The 10-Year Treasury Yield remained above 3%. Currently, 436 companies in the S&P 500, or almost 90% of the benchmark index, have posted January through March results, and so far the numbers are well ahead of forecasts.
In earnings Tyson Foods bucked the selling as higher prices for beef, chicken and pork helped sales rise at the meat processor.
|TSN||TYSON FOODS INC.||92.84||+2.02||+2.22%|
Rivian shares fell after Ford trimmed its stake in the electric vehicle maker by 8%.
|RIVN||RIVIAN AUTOMOTIVE INC.||22.78||-6.01||-20.88%|
|F||FORD MOTOR CO.||13.37||-0.84||-5.91%|
Uber shares lost ground after the company confirmed to FOX Business that it will stop back hiring and focus on cost controls.
|UBER||UBER TECHNOLOGIES INC.||05.23||-3.02||-11.58%|
Richard Branson’s Virgin Galactic took a dip after Truist Securities analyst Michale Ciarmoli slashed its price target $24 to $8 per share after the space company delayed commercial travel plans until 2023.
|SPCE||VIRGIN GALACTIC HOLDINGS INC.||6.07||-0.73||-10.74%|
BATTERED US STOCKS MAY NOT BE BARGAINS AS INVESTORS BRACE FOR INFLATION DATA
Oil slipped, along with Gold, with US crude hovering at $103 per barrel and the yellow metal at $1857 an ounce.
CHINA REMAINS AN OUTLIER IN A WORLD OF SURGING INFLATION
|USE||UNITED STATES OIL FUND LP||76.57||-5.56||-6.77%|
|GLD||SPDR GOLD SHARES TRUST – EUR ACC||172.89||-2.59||-1.48%|
As crude dipped so did the major oil companies including Marathon, ExxonMobil and Chevron as lockdown worries in China threaten demand.
|MRO||MARATHON OIL CORP.||24.22||-3.93||-13.96%|
|XOM||EXXON MOBIL CORP.||84.49||-7.23||-7.88%|
Gas prices, per AAA, traded back above $4.30 per gallon.
Bitcoin also took hit falling to the $31,000 level.
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The Associated Press contributed to this report.