. The S&P 500 fell 1.8% Monday. The Dow Jones Industrial Average lost 1.4% and the tech-heavy Nasdaq gave back 1.9%. Small-company stocks fell even more. The services sector, which makes up the biggest part of the U.S. economy, showed surprising growth in November. V.F. Corp., which makes Vans shoes and The North Face outdoor gear, sank after cutting its revenue forecast and announcing the departure of its CEO.
The services sector, which makes up the biggest part of the U.S. economy, showed surprising growth in November, according to the Institute for Supply Management. The report is positive for the broader economy, but it makes the Fed's fight against inflation more difficult and means the central bank will likely have to remain aggressive in order to keep pressuring inflation.some of its most severe COVID-19 restrictions following protests across major cities.
All told, more than 95% of the stocks in the benchmark S&P 500 index were in the red, with technology companies, banks and retailers among the biggest weights on the market. Chipmaker Nvidia fell 2%, Bank of America slid 4.9% and Amazon dropped 3.3%.Inflation, rising interest rates and the potential for recessions throughout global economies are among the biggest concerns for investors.
Investors are dealing with several crosscurrents of information. Demand may be weakening in some areas of the economy, but some sectors remain resilient. Employment remains a strong area of the economy as does overall consumer spending.
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