The selling came amid growing speculation on Wall Street that an unexpectedly strong pickup in U.S. employment growth last month may keep the Federal Reserve from aggressively cutting its benchmark interest rate. Many investors still expect a cut of a quarter of a percentage point, but fewer are now expecting a half-point reduction.
The S&P 500 fell 14.46 points, or 0.5%, to 2,975.95 on Monday, down about 0.7% from the all-time high it set Wednesday. Investors will be listening closely for any hints on the Fed’s interest rate policy Wednesday and Thursday, when Fed chief Jerome Powell delivers the central bank’s semiannual monetary report to Congress.
Expectations are generally low, and this could be the first time in three years that the companies in the S&P 500 report a back-to-back decline in overall earnings, according to FactSet. Deutsche Bank was among the market’s more notable movers Monday. Its U.S.-traded shares tumbled 6.1% after the struggling German company disclosed plans to cut 18,000 jobs by 2022 as it shrinks its investment banking division. It said the move is part of a sweeping restructuring aimed at restoring consistent profitability and improving returns to its shareholders.
No one tweeted about that 🤔🤭
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