Wall Street Loses Ground Monday 12/04 09:30
Stocks slipped on Wall Street Monday ahead of some key reports this week on
the job market that might provide more insight into the Federal Reserve's
thinking about interest rates.
NEW YORK (AP) -- Stocks slipped on Wall Street Monday ahead of some key
reports this week on the job market that might provide more insight into the
Federal Reserve's thinking about interest rates.
The S&P 500 was off 0.7%. The index is coming off its best month in more
than a year and reached its highest level in more than a year on Friday.
The Dow Jones Industrial Average fell 102 points, or 0.3%, to 36,139 as of
10:01 a.m. Eastern. The Nasdaq composite fell 1%.
Treasury yields were higher, putting some pressure on stocks. The yield on
the 10-year Treasury, which influences mortgage rates, rose to 4.26% from 4.21%.
Technology companies were among the biggest weights on the market. Microsoft
fell 2.9% and Apple fell 1.1%.
Spotify surged 9.6% after announcing its third round of layoffs for the
year. Uber gained 5.6% on news that the ride-hailing service is joining the S&P
Alaska Air Group slumped 16.8% after announcing it will buy Hawaiian
Airlines in a $1.9 billion deal, a tie-up that would test the Biden
administration as it is fighting consolidation in the airline sector.
Wall Street is coming off a solid week and a strong November on hopes that
inflation is easing enough to allow the Federal Reserve to close out its
aggressive rate hike plan. Investors are also hoping that the economy remains
strong enough to avoid a recession.
Investors will get several key updates on the economy this week, including
reports on the services sector and the jobs market.
U.S. crude oil prices fell 1.3%.