NEW YORK — More losses for stocks have September on track to be the worst month of the year for Wall Street. The S&P 500 was 0.4% lower early Monday, coming off its worst week in six months. The Dow fell 85 points and the Nasdaq composite gave back 0.6%. Stocks have struggled recently as the realization sinks in that the Federal Reserve will likely keep interest rates high well into next year.
Media and entertainment companies got a small boost from news that a tentative agreement was reached Sunday to end a historic screenwriters strike after nearly five months. No deal is yet in the works for striking actors.Amazon announced Monday that it is investing up to $4 billion in Anthropic and taking a minority stake in the artificial intelligence startup.
When bonds pay more in interest, investors are less willing to pay high prices for stocks, especially those seen as the most expensive or those that force investors to wait for big growth in the future.Adding to unease, the U.S. federal government is heading toward a shutdown at the month’s end that would disrupt many services, squeeze workers and roil politics.
Troubled property developer China Evergrande sank nearly 22% after announcing it was unable to raise further debt due to an investigation into one of its affiliates, a predicament that might imperil plans for restructuring its more than $300 billion in debt.