All benchmark US indices closed in the red on Monday, Sep 20, after energy and financial stocks led broad losses across segments and China’s Evergrande default fears loomed.
The S&P 500 fell 1.70% to 4,357.73. The Dow Jones fell 1.78% to 33,970.47. The NASDAQ Composite fell 2.19% to 14,713.90, and the small-cap Russell 2000 shed 2.44% to 2,182.20.
Monday’s slide comes ahead of the Fed’s two-day monthly meeting starting Sep 21, in which the top central bank officials are expected to deliberate on the latest economic data as they consider stimulus tapering later this year.
Investors also took cues from the developments in the Chinese markets, which saw a sharp retreat earlier in the day. Concerns over Evergrande Group’s financial troubles weighed on the investors’ minds. It has reportedly sought the government’s help to solve the crisis. Its total debt to banks and other stakeholders stood at a staggering US$300 billion.
All 11 stock segments of the S&P 500 stayed in the negative territory. Energy and financial stocks were the bottom movers. US-listed Chinese stocks also saw a sharp decline. The shares of Alibaba Group Holding Limited (BABA), DiDi Global Inc. (DIDI), and Nio Inc. (NIO) fell 6.17%, 7.11%, and 7.54%, respectively.
Tesla, Inc. (TSLA) stock fell 5.16%. Edesa Biotech, Inc. (EDSA) stock rose 69.22% after the company announced positive results from its phase 2 study of a covid drug.
In energy stocks, Exxon Mobil Corp (XOM) fell 3.81%, Chevron Corp (CVX) declined 3.20%, and Royal Dutch Shell plc (RDS-A) declined 3.06%. TotalEnergies SE (TTE) and BP plc. (BO) fell 2.48% and 2.61%, respectively.
In the financial sector, Berkshire Hathaway Inc. (BRK-A) dropped 1.67%, JPMorgan Chase & Co. (JPM) plunged 4.45%, and Visa Inc. (V) fell 1.89%. Bank of America Corporation (BAC) and Mastercard Incorporated (MA) shed 4.99% and 1.99%, respectively.
In the technology sector, Apple Inc. (AAPL) stock declined 2.98%, Microsoft Corp (MSFT) stock declined 3.21%, and NVIDIA Corp (NVDA) stock fell 4.83%. ASML Holding N.V. (ASML) and Adobe Inc. (ADBE) stocks ticked down 3.11% and 3.01%, respectively.
Also read: Top stocks to watch out this week
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Top performers on S&P 500 included American Airlines Group Inc (3.04%), Delta Air Lines Inc (1.67%), United Airlines Holdings Inc (1.64%), CenterPoint Energy Inc (1.15%). On NASDAQ, top performers were Edesa Biotech Inc (102.72%), Zivo Bioscience Inc (66.43%), Discovery Inc (45.47%), Arqit Quantum Inc (36.58%). On Dow Jones, Merck & Co Inc (0.35%), Verizon Communications Inc (-0.04%), 3M Co (-0.53%), Johnson & Johnson (-0.57%) were the leaders.
Top laggards on S&P 500 included Invesco Ltd (-8.69%), Nucor Corp (-7.64%), APA Corp (US) (-6.11%), Tapestry Inc (-5.92%). On NASDAQ, BeyondSpring Inc (-32.96%), Protagonist Therapeutics Inc (-26.13%), Aerovate Therapeutics Inc (-25.94%), Luokung Technology Corp (-25.16%). On Dow Jones, Caterpillar Inc (-4.47%), Goldman Sachs Group Inc (-3.41%), JPMorgan Chase & Co (-2.99%), Dow Inc (-2.72%) were the laggards.
Top volume movers were Apple Inc (28.75M), Ford Motor Co (20.10M), Bank of America Corp (16.30M), Microsoft Corp (12.93M), AT&T Inc (11.13M), Edesa Biotech Inc (22.44M), Zivo Bioscience Inc (15.76M), Lucid Group Inc (14.43M), SmileDirectClub Inc (12.28M), SoFi Technologies Inc (12.17M).
Futures & Commodities
Gold futures were up 0.83% to US$1,765.95 per ounce. Silver decreased by 0.43% to US$22.242 per ounce, while copper fell 2.84% to US$4.1255.
Brent oil futures decreased by 1.41% to US$74.28 per barrel and WTI crude was down 1.75% to US$70.56.
The 30-year Treasury bond yields was down 3.26% to 1.848, while the 10-year bond yields fell 4.20% to 1.312.
US Dollar Futures Index increased by 0.06% to US$93.233.