Wall Street closed the first session of the week with significant losses.
Stock market averages declined, weighed down by rising oil prices and an increase in long-term Treasury yields.
The three major Wall Street indices ended the first session of the week with significant losses. Stock market averages were hit by rising oil prices and an increase in long-term Treasury bond yields.
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The Dow Jones Industrial Average, made up of 30 large corporations, fell by 0.94% to 41,954.24 points. The S&P 500, which tracks 500 stocks, dropped 0.96% to 5,695.94 points, while the tech-heavy Nasdaq Composite decreased by 1.18% to 17,923.90 points.
Long-term Treasury yields rose, driven by U.S. employment data for September, which was released on Friday. Meanwhile, oil prices moved higher amid caution stemming from tensions in the Middle East.
Losses were broad-based across sectors, with utilities (-2.32%) and communications (-1.97%) leading the declines. The energy sector was the only one to close in positive territory, with a gain of 0.35%. Within the Dow Jones, Travelers (-4.34%) and Amazon (-3.06%) led the losses.
Amazon shares dropped after Wells Fargo downgraded its rating from “buy” to “hold” and lowered its price target from $225 to $183. Apple faced a similar fate, falling 2.24% after Jefferies downgraded the stock from “buy” to “neutral.”
In contrast, Nvidia shares rose by 2.24%, approaching their record high. Citi analysts maintained a price target of $150, which suggests an additional 17.4% upside on top of the stock’s more than 150% increase this year.
Investors are gearing up for the release of the Federal Reserve’s meeting minutes and September inflation data later this week, on Wednesday and Thursday. Additionally, the first quarterly earnings reports of the season are set to be published soon.
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