Stocks closed lower on Monday with the Nasdaq Composite index falling to the lowest level in two years as tech shares continue to be the hardest hit in this bear market because of spiking interest rates.
The Nasdaq Composite closed 1.04% lower at 10,542.10, hitting its lowest close since July 2020, weighed down by a slump in semiconductor stocks such as Nvidia and AMD. The S&P 500 also fell 0.75% to 3,612.39 dragged down by semi stocks and dips in major tech names like Microsoft, while the Dow Jones Industrial Average shed 93.91 points, or 0.32%, to close at 29,202.88. ….
Investors were also cautious ahead of key earnings and inflation reports this week that will shed new light on the U.S. economy. Four of the world’s largest banks — JPMorgan, Wells Fargo, Morgan Stanley and Citi — report Friday. PepsiCo, Delta and Domino’s are also among companies reporting next week.
Join the conversation as a VIP Member