US stocks were lower on Monday, with the S&P 500 down 0.8%, the Dow Jones losing 80 points, and the Nasdaq dropping 1.4%, extending last week's losses.
Investor sentiment has been weighed down by rising Treasury yields, driven by expectations of fewer Fed rate cuts this year and concerns over potential inflationary pressures from the incoming Trump administration's policies. Tech and communication services were the worst performing sectors while energy outperformed buoyed by rising oil prices following new US sanctions on Russia.
Shares of Apple were down 2.4% after Counterpoint Research data showed iPhone sales fell 5% last quarter. Nvidia (-4.2%), Micron Technology (-6%) and Palantir Technologies (-3.1%) were sharply down. Microsoft (-0.3%), Amazon (-0.9%), Meta (-2.6%), Tesla (-2.4%) and Alphabet (-2.1%) also traded in the red. Traders are now gearing up for the earnings season, with major banks set to report later in the week. Additionally, all eyes will be on CPI and PPI data.
Source: Trading Economics
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