Wall Street today: US stocks dip on worries over Fed’s hawkish stance, Moderna sinks 23% | Stock Market News
Source: Live Mint
Wall Street stocks edged lower on Monday, as Treasury yields climbed after robust jobs data last week bolstered expectations of a hawkish stance by the Federal Reserve for this year. Artificial-intelligence companies and bitcoin-related stocks were leading the markets down.
At 09:50 a.m. the Dow Jones Industrial Average rose 105.06 points, or 0.25 per cent, to 42,043.51, the S&P 500 lost 40.79 points, or 0.70 per cent, to 5,786.25, and the Nasdaq Composite lost 274.13 points, or 1.43 per cent, to 18,887.50.
At the opening bell, the Dow Jones Industrial Average fell 13.8 points, or 0.03 per cent, to 41,924.68. The S&P 500 fell 45.0 points, or 0.77 per cent, to 5,782.02, while the Nasdaq Composite dropped 258.0 points, or 1.35 per cent, to 18,903.664.
Two inflation reports – Consumer Price Index (CPI) and Producer Price Index (PPI) – slated to be released this week could provide clues on the Fed’s policy actions for 2025.
Among individual stocks, Moderna sank 23.1 per cent after the drugmaker forecast lower revenues for this year between $1.5 and $2.5 billion, as compared to around $3 billion in 2024.
Johnson & Johnson stock rose 1.1 per cent after the company announced a deal to acquire Intra-Cellular Therapies for about $14.6 billion.
Intra-Cellular, which focuses on treatments for depression and schizophrenia, jumped 34 per cent.
Among megacap stocks, Tesla slid 2 per cent, Apple dropped 2.7 per cent and Alphabet lost 1.5 per cent.
Bitcoin continued its decline, falling below $91,000, according to CoinDesk.com.
In the bond market, the yield on the 10-year Treasury edged up to 4.77 per cent from 4.76 per cent late on Friday.
Bullion
Gold prices fell on Monday as US dollar strengthened.
Spot gold was down 0.5 per cent to $2,677.13 per ounce as of 1125 GMT. US gold futures were 0.4 per cent lower at $2,704.50. Spot silver fell 1.3 per cent to $30.01 per ounce.
Crude oil
Oil prices extended gains for a third session on Monday, with Brent crude rising above $80 a barrel.
Brent crude futures were up 71 cents, or 0.9 per cent, to $80.47 a barrel by 1424 GMT. US West Texas Intermediate crude was up 94 cents, or 1.2 per cent, at $77.51 a barrel.
