The US stock market fell on Monday, continuing its volatile trend, as concerns about the tightening policy of the Federal Reserve, the escalation of the war in Ukraine and China's trade policy shook the market. The Nasdaq Composite fell 1% to 10542.10.
The US stock market fell on Monday, continuing its volatile trend, as concerns about the tightening policy of the Federal Reserve, the escalation of the war in Ukraine and China's trade policy shook the market.
The S&P 500 index fell after a small rise at the opening, closing down 27.27 points, or 0.7%, at 3612.39. The Dow Jones index fell 93.91 points, or 0.3%, to 29202.88; The Nasdaq Composite Index fell 110.30 points, or 1%, to 10542.10.
According to Dow Jones Market Data, this is the lowest closing point of the NASDAQ Composite Index since July 2020.
Chipmakers fell as the Biden government imposed new restrictions on semiconductor exports to curb China's military development. The Philadelphia Semiconductor Index fell 3.5% on Monday, closing at its lowest level since November 2020. The decline also dragged down the stocks of enterprises as major chip users.
Randy Frederick, managing director of transactions and derivatives at Schwab Center for Financial Research, said: "The new restrictions on the sale of semiconductors to China are the main reason for the decline of these stocks."”
Chip maker Qualcomm Inc. (QCOM) fell $6.31, or 5.2 percent, to $114.60 on Monday; Broadcom Inc. (AVGO) fell $22.78, or 5%, to $437.70. Among the 11 sectors of the S&P 500, technology stocks fell 1.6%, the worst performing.
The financial reporting season is in full swing, and well-known companies in the consumer and financial industries will release their financial reports this week. PepsiCo Inc. (PEP) will release its performance report on Wednesday, and Delta Air Lines Inc. (DAL), Walgreens Boots Alliance Inc. (WBA) and BlackRock Inc. (BLK) will release their latest financial reports on Thursday. JPMorgan Chase&Co. (JPM), Wells Fargo&Co. (WFC), Morgan Stanley (MS) and Citigroup Inc. (C) will release reports on Friday.
Overseas, the European Stoxx 600 index fell 0.4%.
Oil prices fell, and Brent crude oil, the global crude oil benchmark, fell 1.8% to US $96.19 a barrel. Traders said they were paying attention to the upcoming inflation data and its impact on the Fed's policy.
The US bond market was closed on Monday for Columbus Day.
