The S&P 500 lost 35.20 points, or 0.9%, to 3,817.16, while the Nasdaq Composite was down 156.66 points, or 1.5%, at 10,548.75. The Dow Jones Industrial Average fell 161.48 points, or 0.5%, to 32,758.98.
The S&P 500, Dow Jones and Nasdaq all suffered sharp falls in December and are on track for their biggest annual declines since the 2008 financial crisis. According to Brian Overby, chief market strategist at Ally, US Treasury yields rose as investors braced for a potential recession in 2023, ditching stocks in favor of safer options.
“Investors are asking why I want to take such risks going into 2023 with the Fed still hawkish when I can get such good returns in the fixed income market.”Overby said.
The absence of any big earnings reports or data on Monday sharpened investor attention on the economy and interest rates, according to Melissa Brown, global head of applied research at Qontigo in New York.
Among the sectors most affected were the communications services, technology and consumer discretionary, while energy performed best.
Market heavyweights like Apple Inc, Microsoft Corp and Amazon.com Inc were some of the biggest drags on the market.
Tesla Inc’s share price was volatile, falling as much as 2.8% during the session after a Twitter poll showed a majority wanted Tesla CEO Elon Musk to step down as chief executive of the social media platform.
Source: Ambito
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