US Stocks Lower
US stocks kicked off the week lower, with the S&P 500 down 0.5%, the Nasdaq falling 0.5% and the Dow Jones losing around 380 points, amid another rise in oil prices as hopes for a deal between the US and Iran faded. Meanwhile, Treasury yields continued to climb to multi-year highs amid expectations that higher energy prices could put further pressure on inflation and increase the likelihood of additional rate hikes. Key economic data due this week, including the PCE and the jobs report, will provide further insight into the health of the US economy. Materials and consumer discretionary were the worst-performing sectors, while energy was the only sector trading in the green. Alphabet (-0.7%), Microsoft (-2.2%), Amazon (-1.4%), Meta (-3.1%) and Tesla (-1.4%) were lower. In contrast, Nvidia outperformed and gained 3.2% after the company authorized an additional $150 billion to its share buyback program, taking its total to $235 billion, amid record spending on AI.
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5% and the Dow Jones losing around 380 points, amid another rise in oil prices as hopes for a deal between the US and Iran faded. Meanwhile, Treasury yields continued to climb to multi-year highs amid expectations that higher energy prices could put further pressure on inflation and increase the likelihood of additional rate hikes. Key economic data due this week, including the PCE and the jobs report, will provide further insight into the health of the US economy. Materials and consumer discretionary were the worst-performing sectors, while energy was the only sector trading in the green.
4%) were lower. 2% after the company authorized an additional $150 billion to its share buyback program, taking its total to $235 billion, amid record spending on AI.