A selloff in Facebook Inc. stock and shares of other big technology companies rippled through the market, pushing major U.S. indexes toward steep declines to start the week. Monday’s moves continued a recent trend of underperformance in big technology companies. Investors have fled shares of the highflying stocks as bond yields have lurched higher. The S&P 500 dropped 1.30% to 4300.46. The Dow Jones Industrial Average lost 0.94% falling to 34002.92 while the Nasdaq Composite was lower by 2.14% at 14255.48. Maturities across the U.S. Treasury yield curve were little changed in Monday afternoon trading.
European stocks extended last week’s slump as risks to the region’s earnings outlook from higher inflation and supply chain disruptions weighed on the sentiment. Stoxx 600 Europe Index fell 0.47% on Thursday, DAX decreased by 0.79%, and CAC 40 lost 0.61%, while FTSE 100 dropped by 0.23%. Bunds trimmed their bear steepening move on haven buying as the tech sector leads a stock slide ahead of the close. Italian bonds also pared declines, underperforming bunds by 1bp.
sia stocks declined, with Hong Kong shares a drag, as investors sold health care-related names and appeared wary heading into the final quarter of 2021.
PEC and its allies will stick with planned modest production increases in the middle of a global energy crisis, potentially putting the economic recovery at risk, with the oil cartel intending to keep the crude market in deficit until the end of November. The oil cartel committed to increasing production by 400,000 barrels a day in November, in line with its previous guidance, despite the market anticipating a larger increase of 800,000 barrels. Brent crude futures price was $81.26 a barrel on Monday, up 2.50%. U.S. West Texas Intermediate (WTI) crude futures stood at $77.62, up 2.29%.