Stocks fell on Monday as worries about rising rates and tighter monetary policy fueled a rout that began in the previous session.

The Dow Jones Industrial Average slipped 300 points, or about 1%. The S&P 500 and the Nasdaq Composite fell 0.95% and 1.2% respectively.

Technology and financials were the worst performing sectors in the S&P 500. Dow Inc and 3M led all 30 Dow Industrials stocks lower.

Wall Street suffered a sharp sell-off on Friday, when brief and blunt remarks by Federal Reserve Chairman Jerome Powell in Jackson Hole, Wyoming, appeared to dash hopes that the central bank would reverse its aggressive course of rate hikes in the coming months.

The Dow Jones fell 1,008 points, or just over 3%, for its worst day since May. The S&P 500 and Nasdaq Composite fell 3.4% and 3.9%, respectively, for their worst days since June. The decline erased August’s gains for all three averages.

“For the short term at least, pain will be the name of the game. While a test of the June 16 low may be underway, we don’t expect a low for the S&P 500,” Sam said. Stovall, Chief Investment Officer. strategist at CFRA Research. He noted, however, that “in the month through August 25, US equities held up better than investors would have expected, especially after such a strong performance in July and continued uncertainties on multiple fronts.”

Meanwhile, in Europe over the weekend, European Central Bank board member Isabel Schnabel warned that central banks must continue to fight inflation, even if it tipped economies into recession.

The week ahead will bring more speeches from the Fed, including Vice Chairman Lael Brainard on Tuesday, ahead of the August nonfarm payrolls report on Friday.

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