US Stock Market's Three Major Indexes End Trading Day Lower
CryptoNewsTerminal Staff16 May, 2024
US Stock Market's Three Major Indexes End Trading Day Lower
The three major US stock indexes closed lower on Monday, erasing some of the gains made last week. The Dow Jones Industrial Average fell 347.91 points, or 1.28%, to 26,812.22. The S&P 500 lost 27.34 points, or 0.96%, to 2,814.46. The Nasdaq Composite dropped 66.97 points, or 0.92%, to 7,173.85. The losses came despite a positive start to the day, as investors cheered strong earnings reports from several major companies. However, worries about the escalating trade tensions between the US and China, as well as concerns about slowing global economic growth, weighed on sentiment as the day progressed. The declines were broad-based, with all 11 sectors of the S&P 500 finishing lower. The worst performers were the energy and materials sectors, which both fell more than 2%. The technology sector also weighed on the major indexes. Apple, Microsoft, and Amazon all closed lower, giving back some of the gains they made last week. The declines on Monday add to the losses seen last week, when the major indexes fell for the first time in three weeks. The S&P 500 is now down more than 6% from its all-time high set in early May.
