Wall Street plummets more than 1% for fear of an aggressive Fed

Wall Street plummets more than 1% for fear of an aggressive Fed

Wall Street’s main indexes fell more than 1% on Monday, in a disappointing start to the week, as investors are worried about the strict signals from the Federal Reserve monetary policy authorities, in a context of slowing growth. economic.

* By 1420 GMT, the Dow Jones Industrial Average was down 455.57 points, or 1.37%, at 33,244.75; the S&P 500 index fell 61.66 points, or 1.44%, to 4,166.91 points; and the Nasdaq Composite fell 220.96 points, or 1.74%, to 12,483.05.

* All 11 major S&P 500 sectors fell in early trading, with interest rate-sensitive information technology, consumer discretionary and communication services among the biggest losers.

* High-growth companies such as Apple Inc and Tesla Inc subtracted 1.4% and 2.4%, respectively.

* Last week, the Nasdaq and S&P 500 snapped a four-week rally after growth stocks fell and the 10-year Treasury yield touched nearly 3% on inflation fears.

* Banks fell 2.1% on Monday, with both JPMorgan Chase & Co and Bank of America down nearly 2%.

* The CBOE volatility index, Wall Street’s gauge of fear, rose to 23.26, its highest level in more than two weeks.

* This week, the focus will be on Fed Chairman Jerome Powell’s speech to a central bank conference in Jackson Hole on Friday for more clues on the path of monetary policy tightening.

Samuel Edwards
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