All 11 major S&P 500 sectors were lower today, with interest rate-sensitive information technology stocks, consumer discretionary and communication services among the biggest losers. High-growth companies such as Apple Inc and Tesla Inc shed 1.4% and 2.4%, respectively.
In the past week, the Nasdaq and S&P 500 snapped a four-week rallyafter growth stocks fell and the 10-year Treasury yield touched nearly 3% on fears of inflation.
Banks fell 2.1% on Monday, with both JPMorgan Chase & Co and Bank of America down nearly 2%. The CBOE volatility index, Wall Street’s gauge of fear, rose to 23.26, its highest level in more than two weeks.
This week, attention will turn to Fed Chairman Jerome Powell’s speech at a central bank conference in Jackson Hole on Friday for more clues on the path of monetary policy tightening.
Source: Ambito
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