The S&P 500 and Nasdaq Composite fell Monday for their seventh down day in the last eight trading sessions. Investors are in wait-and-see mode, monitoring developments in Eastern Europe and anticipating the Federal Reserve's first rate hike this week.
The broad-market index fell 0.7% and the tech-heavy Nasdaq Composite slid just over 2%. Meanwhile, the Dow Jones Industrial Average ended the day 1 point higher, after a rocky day of trading that at one point saw gains of 450 points.
Tech stocks were a big driver of the sell-off as rates moved higher. The 10-year Treasury yield at one point reached its highest level since July 2019. Concerns about the supply chain issues in China being exacerbated by a new wave of Covid-19 cases in the country also contributed to the decline in tech shares. Apple fell 2.6%, while Intel lost 3.1%. Chipmakers were lower as well.
Energy stocks fell as oil prices declined sharply. Devon Energy dropped 10.1%. The Energy Select Sector SPDR Fund was lower by 2.9%.
The war in Ukraine remained top of mind for investors, as the country resumed peace talks with Russia in hopes of securing a cease-fire. Investors were also anticipating the next steps from the Fed, which is expected to raise its target fed funds rate by 25 basis points when its two-day meeting ends on Wednesday.
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