(MENAFN- Baystreet.ca) S&P Again Red, Though Dow Acquires Strength
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The S&P 500 fell in choppy trading Monday as the broader market index struggled to recover from last week's losses and traders weighed the potential for a U.S. recession.
The Dow Jones Industrials gained 26.76 points, to conclude Monday at 32,223.42.
The S&P 500 retreated 15.88 points to 4,008.01
The NASDAQ Composite plummeted 142.21 points, or 1.2%, to 11,662.79.
Those moves come after a rough week as concerns over slowing U.S. economic growth, higher rates from the Federal Reserve and soaring inflation have dented market sentiment. The Dow posted a seven-week losing streak Friday, its longest since 2001. The S&P 500 notched a six-week slide — its longest since 2011.
Tech shares were a drag on stocks. Several cloud companies plunged including Datadog, which lost 10.7%, Cloudflare dumping 13.6%, and Atlassian, off 6.3%. Meanwhile, shares of electric vehicle company Tesla fell 5.9%.
Energy led gains in the S&P 500, with the sector rallying more than 3%. Occidental Petroleum was the best-performing energy stock Monday, popping more than 6%. Marathon Oil, meanwhile, gained 4.2%.
Those gains come U.S. oil prices popped 3% on bets that China would be able to recover from an economic slowdown caused by COVID lockdowns.
Other notable outperformers on Monday included health care stocks. Shares of Eli Lilly surged 4% after Mounjaro was approved by the Food and Drug Administration to treat Type 2 diabetes.
The drug is also being investigated for potential use in the treatment of obesity and overweight. Pfizer's stock price jumped 1.4%, AbbVie's stock price was up 1.3%.
Elsewhere, shares of Spirit Airlines jumped 12% after JetBlue announced a tender offer to acquire the airline for $30 a share. Carvana's stock price rose 5% after the used car company issued expectations of significant core earnings in 2023, and outlined a plan to cut costs.
Treasury prices picked up steam, lowering yields to 2.89% from Friday's 2.94%. Treasury prices and yields move in opposite directions.
Oil prices gained $3.76 at $114.25 U.S. a barrel.
Gold prices gained $17.00 to $1,825.20 U.S. an ounce.
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