Dollar Surges, Weighs on Markets

The S&P 500 notched a new closing low for 2022 as interest rates surged and turmoil rocked global currencies.

The Dow Jones Industrials kept on their negative trend, losing 327.76 points to 29,262.65.

The S&P 500 fell 38.19 points, or 1% to 3,655.04.

The NASDAQ Composite plummeted 65 points

Match Group, the parent company of some of the world’s best-known online dating platforms, is trading at its lowest level since the company went public in 2015.

The company behind services such as Tinder, Hinge, OkCupid and first went public via an initial public offering. It now trades as part of the NASDAQ under the ticker MTCH.

Match Group was trading down about 1.2% Monday at $46.75. Shares traded as low as $46.19 — marking its lowest valuation since becoming a publicly traded company.

Pharmaceutical company Organon is similarly trading at its lowest since it spun off from Merck in June 2021.

The two companies are among the more than 100 stocks in the S&P 500 trading down to levels not seen in a year or longer. Those stocks span industries including telecommunication, financial services, shipping, technology and real estate.

The British pound dropped to a record low on Monday against the U.S. dollar. Sterling at one point fell 4% to an all-time low of $1.0382. The Federal Reserve’s aggressive hiking campaign, coupled with U.K.’s tax cuts announced last week has caused the U.S. dollar to surge.

The euro hit the lowest versus the dollar since 2002. A surging greenback can hurt the profits of U.S. multi-nationals and also wreak havoc on global trade, with so much of it transacted in dollars.

Treasury prices tumbled, pushing up yields to 3.90% from Friday’s 3.70%. Treasury prices and yields move in opposite direction.

Oil prices lost $2.08 to $76.66 U.S. a barrel.

Gold prices dwindled $23.50 to $1,632.10 U.S. an ounce.