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Street indexes tumbled on Monday, dragged down by a sell-off in energy, tech


Energy stocks fell more than 7%, pressured by a stronger US Dollar and the drastic drop in Oil and Natural Gas, which fell 7% and 12%, respectively, amid renewed fears about weakening demand from China. Shanghai has reportedly stepped-up lockdown measures over the pandemic. China's recent lockdowns are expected to slow down the growth of the world's second-largest economy. This adds to fears of a significant slowdown in the global economy when central banks tighten monetary policy to control inflation. Meanwhile, tech stocks were similarly affected, with Meta Platform down more than 3%. In comparison, Amazon fell more than 5%, as investors seem wary of a market recovery from these relatively low valuation levels. Treasury bond yields are taking a hiatus from highs, with the 10-year bond yield falling ten bps yesterday.

Source: https://capex.com/en/overview/wall-street-indexes-tumbled-on-monday-dragged-down-by-a-sell-off-in-energy-and-technology
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