Stocks mostly lower on Monday, as Wall Street struggled to recover from its recent streak of losses amid concerns over slowing economic growth amid persistently high inflation. The Dow Jones Industrial Average inched up nearly 27 points, while the S&P 500 Index slipped 0.4%% lower and the Nasdaq Composite lost over 1%.
Monday's moves extended a recent stretch of volatile sessions, as investors become more fearful over that the Federal Reserve's more hawkish moves to curb decades high inflation levels could harm economic growth and cause a period of stagflation, or possibly a recession. Stocks closed last week with a sixth consecutive weekly loss, as the S&P 500 briefly touched bear market territory and is now over 16% below its last record high reached back in January.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
JetBlue launched Spirit Airlines hostile takeover bid:
JetBlue Airways
JetBlue on Monday offered to buy Spirit for $30 per share and encouraged shareholders to vote against the takeover deal offered by Frontier Airlines
'If the Spirit shareholders vote against the transaction with Frontier and compel the Spirit Board to negotiate with us in good faith, we will work towards a consensual transaction at $33 per share, subject to receiving the information to support it," JetBlue said in press release.
Goldman slashes year end S&P 500 forecast:
Goldman Sachs
Kostin added that the cut is based on "higher interest rates and slower economic growth that we previously assumed." Kostin also warned that a potential recession would pull the S&P 500 down to 3,600.
Here's how benchmarks started trading after market open:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index