US stocks ended Monday’s session with more losses, as investors continued to grapple with the fears about looming economic “pain” stemming from the Federal Reserve’s aggressive interest rate hikes.
After losing more than 1,000 points on Friday following tough talk from Fed chief Jerome Powell, the Dow Jones Industrial Average lost another 180, falling 0.6 percent to finish Monday at 32,098.99, a decline of 0.6 percent.
The broad-based S&P 500 dropped 0.7 percent to close at 4,030.61, while the tech-rich Nasdaq Composite Index slumped 1.0 percent to 12,017.67.
Peter Cardillo of Spartan Capital said the market actually held up pretty well given the nerves over Powell’s hawkish comments.
He called Friday’s losses “overexaggerated, because the Fed said nothing new,” but cautioned that “we still are not out the woods.”
Powell warned of “pain” ahead for Americans in the battle against inflation, and doused any hopes the central bank would lower interest rates any time soon.
There was little news on Monday to sway markets one way or the other as a new week began.
Twitter shares lost one percent, after news that the company’s erstwhile suitor, billionaire Elon Musk, has subpoenaed a Twitter whistleblower to share information about spam accounts at the social network.