Abdelrahman
The downward trend in the stock market intensified during afternoon trading.
Recently, the Dow Jones Industrial Average fell by 718 points, marking a decline of 1.6%. The S&P 500 also experienced a dip of 1.4%, while the Nasdaq Composite dropped by 1.7%.
A significant contributor to the Dow’s downturn was UnitedHealth, which saw a notable decline of 8.9%. In fact, only 11 of the 30 stocks in the Dow managed to gain ground during this trading session. The situation was similarly challenging for the S&P 500, with just 131 stocks outperforming the market.
The Invesco S&P 500 Equal Weight ETF, which treats each S&P stock equally, was down by 0.9%. The sole major sector that showed improvement was consumer staples, while consumer discretionary, industrials, and technology sectors all experienced declines exceeding 1%.
Recent consumer sentiment data from the University of Michigan fell short of expectations, and both existing home sales and the S&P Global Flash US PMI Composite Output Index reported disappointing figures.
As the market gears up for a busy week ahead, important earnings reports from the tech sector and an update on personal consumption expenditures (PCE) inflation will be in focus. Given the current economic concerns and persistent inflation rates, the S&P 500 continues to retreat from its record-setting close earlier this week.
