The Dow Jones Industrial Average closed Monday's session with a 1% decline after paring some losses during intraday trading.
The S&P 500 slipped 1% while the Nasdaq composite finished lower by 0.6% after paring some losses in today's session. The Russell 2000 small-cap index led the downside today and closed 1.4% lower.
Volume on the NYSE and the Nasdaq was lower at closing time, compared to the same time on Friday.
Crude oil fell through the day to to $76.43 per barrel.
The yield on the benchmark 10-year Treasury surged to 3.88%, threatening to breach the 4.00% psychological level.
Increased volatility hit currency markets.
The British pound fell through the 1985 low and hit an all-time low at $1.03, before nudging up to $1.07, after the Prime Minister announced a tax cut to boost spending. The euro continued its descent below parity. Last week, Japan's central bank intervened to support the yen for the first time since 1998.
The strong U.S. dollar has found no signs of abating as the dollar index climbed to a 20-year high.
It's a double whammy for technology stocks, with climbing interest rates at home that will pressure margins, and costlier overseas capital spending. Falling market valuations are also dragging down growth multiples for these widely-held stocks.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 29264.50 | -325.91 | -1.10 |
| S&P 500 | (0S&P5) | 3655.52 | -37.71 | -1.02 |
| Nasdaq | (0NDQC ) | 10802.92 | -65 | -0.60 |
| Russell 2000 | 164.15 | -3.16 | -1.84 | |
| IBD 50 | 23.75 | -0.31 | -1.29 | |
Last Update: 4:30 PM ET 9/26/2022 |
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Outside The Dow Jones: Stocks Moving On Monday
IBD 50 stock Cross Country Healthcare bucked the large-scale downtrend and hit its 27.87 buy point in a cup-with-handle base. CCRN stock has a strong 98 Composite Rating, according to IBD MarketSmith.
Flex LNG is notching a small gain. It fell more than 8% on Friday, triggering the sell rule.
Cenovus Energy is down almost 6% after gapping down more than 9% last week. EQT Corp and Halliburton have also added to losses after gapping down 7% and 8%, respectively, on Friday.
Elsewhere, research analytics firm Exlservice Holdings has set off a sell signal after falling 11%. Shares have plunged on strong volume from a buy point of 179.91 in a flat base.
Healthcare stock Ilumina fell over 3%.
Microsoft Increases Dividend
Dow Jones leader Microsoft raised its quarterly dividend by 6 cents to 68 cents per share, payable to shareholders of record on Nov. 17.
Friday's personal consumption data will be closely tracked. August showed a 0.1% drop in the Fed's favored inflation index.
Meanwhile, durable goods and new home sales on Tuesday and final GDP numbers on Thursday will offer further signs of economic strength or weakness.
Outside Dow Jones: Nike, Micron and Bed Bath & Beyond Earnings
Nike, Micron and Bed Bath and Beyond earnings are on deck Thursday. Micron has warned of lower sales of $7.2 billion, compared to estimates of $9 million.
Nike and BBBY are on three-day losing streaks. BBBY is trading lower after gapping down more than 15%.
Both stocks have fallen through their 50-day lines. Micron is also trading below its 50- and 200-day moving average.
Follow Vidya Ramakrishnan on Twitter @VidyaRamakrishnan
