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Stocks fell Monday on fears that the Federal Reserve may continue tightening until it steers the economy into a recession.
The Dow Jones Industrials withered 301.95 points to 34,127.93.
The S&P 500 subtracted 48.74 points, or 1.2%, to 4,022.96.
The NASDAQ dropped 148.35 points, or 1.3%, to 11,312.28.
In other news, Tesla shares slumped 4% on reports of an output cut at its Shanghai factory, while Macao-linked casino stocks gained on hopes of easing Covid-19 restrictions.
Restaurant stock Yum Brands could be a big winner in 2023, according to investment firm Cowen. Yum’s shares are down about 6.5% year to date, and were little changed near $130 per share on Monday morning.
Investors are looking ahead to next week’s Federal Reserve interest rate decision at the conclusion of the central bank’s December policy meeting.
Following a speech last week by Fed Chairman Jerome Powell, markets largely expect the central bank will app
A hotter-than-expected reading of November ISM Services further fueled concerns that the Fed will continue hiking. The index posted a 56.5% reading, topping the Dow Jones estimate of 53.7% and increasing from October.
Prices for the 10-year Treasury lost some ground, raising yields to 3.58% from Friday’s 3.56%. Treasury prices and yields move in opposite directions.
Oil prices sank 83 cents to $79.15 U.S. a barrel.
Gold prices plummeted $23.40 to $1,786.50 U.S. an ounce.
