Stocks fell sharply on Monday, pulling the S&P 500 down to a fresh 52-week low and extending last week's losses, as investors anticipate to more key inflation data this week and more corporate earnings reports.
The S&P 500 traded as low as 3,975.48 on the day, with all sectors slipping into the red. Meanwhile, the benchmark 10-year Treasury yield climbed to its highest level since 2018, trading above 3%. Rising rates continued to pressure tech names, with Meta Platforms
Investors this week are looking ahead to more U.S. inflation data, with Wednesday's Consumer Price Index and Thursday's Producer Price Index reports for April are expected to show a deceleration in price pressures, signalling that March may have been the peak for U.S. price increases.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Crude oil prices fall with broad market sell-off:
Crude oil prices fell on Monday amid Wall Street's broad market sell-off and reports that the European Union was st to ease some of its sanctions on Russian energy imports.
U.S. benchmark West Texas Intermediate
According to a Bloomberg report, the E.U. plans to drop a proposed rule that would ban E.U.-controlled ships from transporting Russian oil to other countries, thus easing part of the disruptions to the energy market due to Russia's war with Ukraine.
Uber to cut back on spending, make hiring a 'privilege':
Uber Technologies
"After earnings, I spent several days meeting investors in New York and Boston," Khosrowshahi said. "It's clear that the market is experiencing a seismic shift and we need to react accordingly."
To address to that shift, Uber plans to cut marketing spending and incentives and "we will treat hiring as a privilege and be deliberate about when and where we add headcount," Khosrowshahi wrote.
"We have to make sure our unit economics work before we go big," he added.
Here's how benchmarks started trading after market open:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index