The heavyweight tech sector (.SPLRCT) dropped 1.9% while energy (.SPNY) shed 2.3%, the biggest drop among the S&P 500 sectors. Shares of Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O) and Google parent Alphabet Inc (GOOGL.O), which are due to post results later this week, all slumped.
Reuters
January 31, 2023 / 06:38 AM IST
Wall Street
Major U.S. stock indexes sank on Monday, weighed down by declines in technology and other megacap shares, as investors looked toward a major week of events including central bank meetings and a slew of earnings reports.
The heavyweight tech sector (.SPLRCT) dropped 1.9% while energy (.SPNY) shed 2.3%, the biggest drop among the S&P 500 sectors. Shares of Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O) and Google parent Alphabet Inc (GOOGL.O), which are due to post results later this week, all slumped.
More than 100 S&P 500 companies are expected to report results this week, which also includes central bank meetings in the United States and Europe and closely watched U.S. employment data.
“The market has had a big run and the trading is a bit more cautious heading into a week which likely will be an inflection point for the overall market,” said Keith Lerner, co-chief investment officer at Truist Advisory Services.
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