Stocks closed broadly lower on Wall Street and Treasury yields rose Monday after surprisingly strong economic reports highlighted the Federal Reserve's difficult fight against inflation.
restrictions following protests across major cities. That has raised hopes that disruptions to manufacturing and trade will ease.All told, roughly 95% of the stocks in the benchmark S&P 500 index were in the red, with technology companies, banks and retailers among the biggest weights on the market. Chipmaker Nvidia fell 1.6%, Bank of America slid 4.5% and Amazon dropped 3.3%.
Tesla fell 6.4% following reports that it may have to cut production in China because of weak demand.Inflation, rising interest rates and the potential for recessions throughout global economies are among the biggest concerns for investors. Wall Street has been closely watching corporate announcements and government reports to get a better sense of just how much damage is being done to the economy, as well as inflation's path ahead in 2023.
Oil and gas company stocks fell amid a broad pullback in energy prices, including an 11.2% slump in natural gas. Exxon Mobil fell 2.7%.
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