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Benchmark US indices retreated on Monday, October 4, dragged down by losses in technology and communication stocks amid mixed signals.
The S&P 500 fell 1.30% to 4,300.46. The Dow Jones was down 0.94% to 34,002.92. The NASDAQ Composite fell 2.14% to 14,255.48, and the small-cap Russell 2000 fell 1.08% to 2,217.47.
Equity markets saw a lacklustre session despite positive data from the manufacturing sector.
On Monday, the Commerce Department said that new orders for manufactured goods rose in August, although raw materials and labor shortage remained a major worry. New orders rose by 1.2% to US$515.7 billion in August, beating analysts' expectations after increasing 0.7% in July.
How did global markets fared on Monday?
Traders stayed away from growth stocks as Treasury yields rose. They will now eagerly wait for the latest employment data expected later this week. The labor data will be critical as the Fed sets a timeline for dialling back its asset-buying program.
Energy and utility sectors led gains on the S&P 500 on Monday. However, nine of the 11 key index segments stayed in the red, with tech and communication stocks trailing at the bottom.
Tesla, Inc. (TSLA) stock surged 1.64% in intraday trading after reporting record vehicle deliveries on October 2. It delivered 241,300 vehicles in the third quarter, up 20% from the previous quarter. Shares of Facebook, Inc. (FB) tumbled 4.86% after the social media platform went offline briefly in a global outage. Besides Facebook, WhatsApp and Instagram also went offline.
Merck & Co., Inc. (MRK) stock rose 2.11% after announcing positive late-stage trial results for its antiviral pill against Covid-19. Following the news, stocks of vaccine makers Novavax, Inc. (NVAX), Moderna, Inc. (MRNA), and Pfizer Inc. (PFE) declined 1.79%, 5.39%, and 1.18%, respectively.
In the energy sector, Exxon Mobil Corporation (XOM) increased by 1.30%, ConocoPhillips (COP) rose 1.93%, and EOG Resources, Inc. (EOG) gained 2.59%. In addition, Pioneer Natural Resources Company (PXD) and The Williams Companies, Inc. (WMB) rose 2.61% and 3.67%, respectively.
In utility stocks, Duke Energy Corporation (DUK) jumped 2.05%, Dominion Energy, Inc. (D) rose 1.23%, and American Electric Power Company, Inc. (AEP) rose 1.82%. Xcel Energy Inc. (XEL) and American Water Works Company, Inc. (AWK) gained 1.89% and 1.40%, respectively.
In the technology sector, Apple Inc. (AAPL) declined 2.84%, Microsoft Corporation (MSFT) declined 2.40%, and NVIDIA Corporation (NVDA) fell 5.53%. Adobe Inc. (ADBE) and Salesforce.com Inc. (CRM) stocks plummeted 3.62% and 1.74%, respectively.
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Futures & Commodities
Gold futures were up 0.67% to US$1,770.15 per ounce. Silver increased by 0.72% to US$22.698 per ounce, while copper rose 1.15% to US$4.2367.
Brent oil futures increased by 2.52% to US$81.28 per barrel and WTI crude was up 2.28% to US$77.61.
Bond Market
The 30-year Treasury bond yields was up 0.31% to 2.046, while the 10-year bond yields rose 1.05% to 1.482.
US Dollar Futures Index decreased by 0.24% to US$93.820.
