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Wall St ends down as investors await Fed's next steps
- Miner Newmont drops on Newcrest bid
- Chinese stocks fall on geopolitical jitters
- $Dow Jones Industrial Average (.DJI.US)$ down 0.11%, $S&P 500 Index (.SPX.US)$ down 0.62%, $Nasdaq Composite Index (.IXIC.US)$ down 1.00%
- Chinese stocks fall on geopolitical jitters
- $Dow Jones Industrial Average (.DJI.US)$ down 0.11%, $S&P 500 Index (.SPX.US)$ down 0.62%, $Nasdaq Composite Index (.IXIC.US)$ down 1.00%
U.S. stocks ended lower on Monday as investors shifted gears after considering the possibility that the U.S. Federal Reserve may take longer to start cutting interest rates.
Traders are keeping a close eye on speeches by Fed officials this week, including Chair Jerome Powell on Tuesday, for any change in the central bank's rhetoric after data last week showed services activity was strong in January as well as strong job growth.
U.S. Treasury Secretary Janet Yellen said on Monday the United States may avoid a recession as inflation is coming down while the labor market remains strong.
After taking a hit in 2022, U.S. equities have recovered strongly in 2023, led by megacap growth stocks amid short-lived hopes that the Fed will temper its aggressive rate hikes, which in turn could alleviate some pressure on equity valuations.
Money market participants now see the benchmark rate peaking at 5.1% by July, in line with what most policymakers have backed repeatedly.
Yield on the 10-year U.S. Treasury note extended gains to a four-week high.
On the corporate side, analysts expect quarterly earnings of S&P 500 firms to decline 2.8% in the fourth quarter, according to Refinitiv.
$Tyson Foods (TSN.US)$ fell 4.6% after missing analysts' estimates for quarterly revenue and profit. $Newmark Group (NMRK.US)$ slid 4.5% on its $16.9 billion offer for Australian peer Newcrest Mining Ltd to build a global gold behemoth.
Contrary to the overall trend, $Tesla (TSLA.US)$ rose 2.5% after a U.S. jury on Friday found Chief Executive Elon Musk and his company were not liable for misleading investors when Musk tweeted in 2018 that he had "funding secured" to take the electric-vehicle maker private.
Meme stocks, such as $AMC Entertainment (AMC.US)$ and $GameStop (GME.US)$, also gained steam late in the session, ending 11.8% and 7.2% higher, respectively.
U.S.-listed Chinese stocks such as Pinduoduo Inc fell 1.9% on geopolitical concerns after a U.S. military fighter jet shot down a suspected Chinese spy balloon off the coast of South Carolina on Saturday. $SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$
Traders are keeping a close eye on speeches by Fed officials this week, including Chair Jerome Powell on Tuesday, for any change in the central bank's rhetoric after data last week showed services activity was strong in January as well as strong job growth.
U.S. Treasury Secretary Janet Yellen said on Monday the United States may avoid a recession as inflation is coming down while the labor market remains strong.
After taking a hit in 2022, U.S. equities have recovered strongly in 2023, led by megacap growth stocks amid short-lived hopes that the Fed will temper its aggressive rate hikes, which in turn could alleviate some pressure on equity valuations.
Money market participants now see the benchmark rate peaking at 5.1% by July, in line with what most policymakers have backed repeatedly.
Yield on the 10-year U.S. Treasury note extended gains to a four-week high.
On the corporate side, analysts expect quarterly earnings of S&P 500 firms to decline 2.8% in the fourth quarter, according to Refinitiv.
$Tyson Foods (TSN.US)$ fell 4.6% after missing analysts' estimates for quarterly revenue and profit. $Newmark Group (NMRK.US)$ slid 4.5% on its $16.9 billion offer for Australian peer Newcrest Mining Ltd to build a global gold behemoth.
Contrary to the overall trend, $Tesla (TSLA.US)$ rose 2.5% after a U.S. jury on Friday found Chief Executive Elon Musk and his company were not liable for misleading investors when Musk tweeted in 2018 that he had "funding secured" to take the electric-vehicle maker private.
Meme stocks, such as $AMC Entertainment (AMC.US)$ and $GameStop (GME.US)$, also gained steam late in the session, ending 11.8% and 7.2% higher, respectively.
U.S.-listed Chinese stocks such as Pinduoduo Inc fell 1.9% on geopolitical concerns after a U.S. military fighter jet shot down a suspected Chinese spy balloon off the coast of South Carolina on Saturday. $SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$
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