US markets fell overnight weighed down by declines in the tech sector and other mega-cap shares, leading into a full week of central bank announcements and earnings reports from big-tech companies including Alphabet and Meta.
More than 100, S&P 500 companies are expected to report this week as well as the closely watched U.S employment data that may shed some light on whether progress has been made to bring inflation down. US treasury yields rose, the dollar index is up, and oil fell as the market awaits clues about the Fed’s path forward.
The Dow Jones closed down 261 points (-0.77%). At best it was up 77, and at worst it was down 283. The S&P 500 fell 1.30%, and the NASDAQ was down 1.96%. In Europe, STOXX 50 -0.5% FTSE +0.3% CAC -0.2% DAX -0.2%. SPI Futures are down 10 points (-0.13%).
On the corporate front, those having earning reports due this week including Apple (-2%), Amazon (-1.6%), and Alphabet (-2.4%), Meta (3.1%) closed in the red. Meantime, Microsoft and Tesla fell 2.2% and 6.3% respectively.
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