U.S. stocks ended the first day of the trading week sharply lower ahead of Tuesday's inflation report on consumer prices, which may be "extraordinarily elevated," according to the White House.
|I:DJI||DOW JONES AVERAGES||31097.26||+321.83||+1.05%|
|I:COMP||NASDAQ COMPOSITE INDEX||11127.845123||+99.11||+0.90%|
The Nasdaq Composite led the drop falling over 2%, while the S&P 500 lost 1.7% and the Dow Jones Industrial Average 1.2% or 413 points.
The CPI data, due Tuesday morning, is expected to show a sharp uptick from February, rising 8.4%, which would be a new series high. The producer price index is due later in the week. These reports come as Wall Street firms dial-up their forecasting on the possibility of a recession. Bank of America warned about the rising threat Monday, following economists at Deutsche Bank last week, who forecast a U.S. recession by late next year.
Additionally, financials in focus ahead of earnings from JPMorgan Chase and BlackRock on Wednesday, with Citigroup, Wells Fargo, Morgan Stanley and Goldman Sachs out on Thursday. The 10-year Treasury yield climbed to 2.779%, the seventh straight day of gains.
|JPM||JPMORGAN CHASE & CO.||114.05||+1.44||+1.28%|
|WFC||WELLS FARGO & CO.||39.92||+0.75||+1.91%|
|GS||THE GOLDMAN SACHS GROUP INC.||299.23||+2.21||+0.74%|
Twitter shares rose after shareholder Elon Musk said he would not join the board, but on Monday, in an SEC filing, he indicated he will likely remain vocal and perhaps may purchase more stock.
Shopify shares moved higher after announcing a 10-for-1 stock split, joining a growing list of tech companies doing the same, including Amazon, Google and likely Tesla.
The new combined company, dubbed Warner Bros. Discovery, will offer a vast portfolio of content, brands and franchises across television, film and streaming, including Discovery Channel, Discovery+, Warner Bros. Entertainment, CNN, CNN+, DC, Eurosport, HBO, HBO Max, HGTV, Food Network, Investigation Discovery, TLC, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies and others.
|WBD||WARNER BROS. DISCOVERY INC.||14.25||+0.83||+6.18%|
Oil prices fell back on expectations of weaker demand after peaking above $130 per barrel last month due to anxiety about the disruption of supplies from Russia, the world's No. 2 exporter. The national average for gas also continued to retreat, now around $4.11 per gallon. U.S. crude settled down over 4% at $94.29 per barrel, while Brent closed at $98.48.
|USO||UNITED STATES OIL FUND L.P.||81.67||+1.32||+1.64%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||33.34||+0.60||+1.83%|
|UGA||UNITED STATES GASOLINE FUND LP PARTNERSHIP UNITS||70.26||+2.44||+3.60%|
In cryptocurrencies, Bitcoin led the group lower, falling back below the $40,000 level.
The Associated Press contributed to this report.