Technology and healthcare companies drove U.S. stocks to a lower finish Monday as the market fell for a second straight day following a run of record highs.
The selling came amid growing speculation on Wall Street that an unexpectedly strong pickup in U.S. employment growth last month may keep the Federal Reserve from aggressively cutting its benchmark interest rate. Many investors still expect a cut of a quarter of a percentage point, but fewer are now expecting a half-point reduction.
The S&P 500 fell 14.46 points, or 0.5%, to 2,975.95 on Monday, down about 0.7% from the all-time high it set Wednesday. Investors will be listening closely for any hints on the Fed’s interest rate policy Wednesday and Thursday, when Fed chief Jerome Powell delivers the central bank’s semiannual monetary report to Congress.
Expectations are generally low, and this could be the first time in three years that the companies in the S&P 500 report a back-to-back decline in overall earnings, according to FactSet. Deutsche Bank was among the market’s more notable movers Monday. Its U.S.-traded shares tumbled 6.1% after the struggling German company disclosed plans to cut 18,000 jobs by 2022 as it shrinks its investment banking division. It said the move is part of a sweeping restructuring aimed at restoring consistent profitability and improving returns to its shareholders.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wall St. opens lower as Apple slips, hopes of sharp rate cut fadeU.S. stocks fell at the open on Monday as Apple Inc shares dropped and investors...
Read more »
As Stocks Surge to Records, Nervous Investors Buy Bonds, TooIndividuals are on track to purchase a majority of the U.S. government’s newly issued longer-term debt this year for the first time since the Treasury Department began publishing data.
Read more »
Global Stocks Fall as U.S. Rate-Cut Prospects RecedeShare indexes fell on Monday, as the strength of the U.S. labor market prompted investors to reconsider how far and how fast the Federal Reserve might cut interest rates.
Read more »
Swiss stocks are collateral damage in a worsening trade rowSwitzerland bans trading of its shares outside its borders in response to the EU’s strong-arm tactics
Read more »
US stocks drop on lower odds for steep Fed rate cutStocks are down on Wall Street in morning trading amid growing speculation among investors that unexpectedly strong U.S. employment data may keep the Federal Reserve from aggressively cutting interest rates
Read more »
The 5 Worst Stocks So Far This YearWith the first half of 2019 now history and the Fourth of July holiday upon us, it’s time to take stock of how stocks have fared so far. Check out Nordstrom, Gap, Mylan, and other bottom-performing stocks.
Read more »