Stocks fell Monday as Wall Street braced for the start of the earnings season and fresh inflation data due later this week. The Dow Jones Industrial Average fell over 100 points, while the S&P 500 and Nasdaq Composite dropped over 1% and 2% lower, respectively.
Meanwhile, oil prices fell on Monday as investors now expect a coming drop in demand as China imposed new COVID restrictions. West Texas Intermediate
Monday's moves followed a winning week for stocks, with all three major benchmarks ending the week in the green despite closing flat after Friday's stronger-than-expected jobs report.
The week ahead is expected to offer more clue on the health of the U.S. economy, as big banks like JPMorgan Chase
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Elon Musk wants to back out of Twitter deal:
Twitter
After market close on Friday, Musk's attorney informed Twitter's board that Musk wants to end the deal, citing Musk has taken issue with the number of fake accounts on the platform. Musk also said the company has not been truthful about how much activity on the platform is real users.
Twitter's Board Chair Bret Taylor said the company plans to pursue legal actions to enforce the agreement. The company said it has given Musk the information he needs, claiming that bots and fake accounts only make up 5% of monetizable daily active users.
On Monday, Musk posted a meme on Twitter, mocking the company over the failed deal.