Dow ends over 270 points lower as Fed’s Powell reiterates no rush to cut rates
U.S. stocks ended lower on Monday after Federal Reserve Chair Jerome Powell over the weekend reiterated...
U.S. stocks ended lower on Monday after Federal Reserve Chair Jerome Powell over the weekend reiterated in a television interview that the central bank will take its time in delivering interest-rate cuts.
Investors also weighed earnings, including results from Dow components Caterpillar Inc. CAT, +2.00% and McDonald’s Corp. MCD, -3.73%, after big-tech earnings drove a stock-market rally last week.
The Dow Jones Industrial AverageDJIAfell 274.30 points,or 0.7%, to end at 38380.12, according to closing data from Dow Jones Market Data.
The S&P 500SPXdeclined 15.80 points, or 0.3%, to finish at 4942.81.
The Nasdaq CompositeCOMPwent down 31.28 points, or 0.2%, to 15597.68.
King Charles III has been diagnosed with a form of cancer and will suspend his public duties to undergo treatment.
The announcement, made by Buckingham Palace on Monday evening, came a week after the 75-year-old sovereign was discharged from a London hospital, after a procedure to treat an enlarged prostate. The palace did not disclose what form of cancer he has but said the cancer was detected during that procedure.
Charles, who ascended to the throne in September 2022 after the death of his mother, Queen Elizabeth II, has generally had good health.
The energy sector is off to a lower start, pressured by weakness in the underlying commodities and major equity futures which are modestly lower as traders are cautious following Fed Chairman Powell’s hawkish tone last week.
WTI and Brent crude oil futures are adding to last week’s sharp losses as concerns over “higher-for-longer” interest rates and a higher dollar outweighs increasing geopolitical tensions in the Middle East. Over the weekend, the White House national security adviser said the U.S. intends to launch more strikes at Iran-backed groups in the Middle East. This comes as the U.S and Britain targeted Tehran-aligned factions in Iraq, Syria and Yemen over the past three days. The U.S Central Command also said they conducted strikes in self-defense against seven Houthi anti-ship missiles preparing to launch against vessels in the Red Sea. Elsewhere, two Ukrainian attack drones struck the largest oil refinery in southern Russia on Saturday which is the latest in a series of long-range attacks on Russian oil facilities.
Natural gas futures are lower as forecasts Sunday afternoon have everywhere West of the Rockies ex-TX, CO and NM experiencing above-normal temperatures.
California experienced what the National Weather Service called one of the “most ...
California experienced what the National Weather Service called one of the “most dramatic weather days in recent memory” as heavy rains and winds lashed areas not accustomed to wet weather. Downtown Los Angeles is expected to receive over six inches of rain through Tuesday, which is nearly half its average annual rainfall. Officials said all that rain could bring potentially life-threatening flooding and mudslides to the region today. As of Monday morning, more than 900,000 residents had lost power, with the number expected to increase as rain and winds continue.
SCOTUS to decide if Trump can appear on 2024 ballots: The Supreme Court—which includes...
SCOTUS to decide if Trump can appear on 2024 ballots: The Supreme Court—which includes three justices appointed by Trump—will listen to arguments on Thursday over whether the former president can be excluded from ballots due to his role in the Jan. 6, 2021, attack on the Capitol. Trump is appealing a Colorado ruling that found he violated a clause in the 14th Amendment, which says an elected official cannot return to office after engaging in an insurrection. The court’s decision will effectively decide if Trump’s pursuit to reclaim the White House can continue, as 11 other states are challenging his eligibility.
Boeing said it found mis-drilled holes on some fuselages of undelivered 737 Max planes, marking another manufacturing setback for the company.
Target pulled a product dedicated to Black History Month from its shelves after a teacher posted a TikTok showing the item misidentified W.E.B. Du Bois, Booker T. Washington, and Carter G. Woodson.
Caitlin Clark watch: Iowa’s star is just 66 points away from topping the all-time NCAA scoring list in women’s basketball after dropping 38 against Neal’s Maryland Terrapins.
Justin Bieber was the star of the show at the NHL’s All-Star Game festivities in Toronto, although Michael Bublé saying he was high on mushrooms grabbed some attention, too.
