Technology and energy companies led stocks lower on Wall Street on Monday, easing the market back from its recent all-time highs.
Every major index was coming off weekly gains last week, which ended with record highs for the S&P 500 and the Dow Jones industrial average.The modest pullback is another example of the volatility the market has seen amid uncertainty over the effect that coronavirus variants will have on the economy and the Federal Reserve’s next monetary policy moves, said Sylvia Jablonski, chief investment officer at Defiance ETFs.
Smaller companies fell more than the rest of the market. The Russell 2000 index lost 12.95 points, or 0.6%, to end at 2,234.81. Investors are also closely watching the world’s reaction to the latest surge of the coronavirus. Some governments have reimposed limits on business and travel. China canceled flights as it tries to stop a rash of outbreaks. Australia’s two most populous states have told people to stay home except to go to work or for a handful of other reasons.Analysts expect the U.S. and global economies to continue growing but have cautioned that the resurgent virus could slow down the pace.
. That follows Friday’s report that the economy generated 943,000 jobs last month and the unemployment rate fell to 5.4% from 5.9% in June.
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