Stocks fell on Wall Street in morning trading Monday amid growing speculation among investors that unexpectedly strong U.S. employment data may keep the Federal Reserve from aggressively cutting interest rates.
Technology and health care stocks drove much of the market's early slide. Apple dropped 2.4% and Cardinal Health slid 3.6%. Communications companies also declined broadly. Google parent Alphabet fell 1.5% and TripAdvisor dropped 3.3%. KEEPING SCORE: The S&P 500 was down 0.5% as of 11:29 a.m. Eastern time. The Dow Jones Industrial Average slid 122 points, or 0.5%, to 26,799. The Nasdaq composite dropped 0.8%, while the Russell 2000 index of smaller company stocks lost 0.6%.
Investors will be listening closely for any hints on the central bank's interest rate policy on Wednesday and Thursday, when Fed Chairman Jerome Powell delivers the Fed's monetary report to Congress.
You're supposed to pay to borrow money. This group of investors, who only reacts positively to bad news to American workers, is destroying the foundation of the economy.
It’s almost as if they know that a down market increases the likelihood of a rate cut, which then leads to a bigger bump in stock prices. A skeptical, critically thinking individual may think they’re gaming the system. But, of course, Wall Street wouldn’t do that.
Im afraid if we get another recession
How can an economy be strong and the need to cut interest rates exist?
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Source: WSJ - 🏆 98. / 63 Read more »