Tech, megacaps drag Wall St to lower close as big market week kicks off

TheStar Tue, Jan 31, 2023 08:10am - 2 months View Original

The Dow fell 260.99 points, or 0.77%, to 33,717.09, the S&P 500 lost 52.79 points, or 1.30%, to 4,017.77 and the Nasdaq dropped 227.90 points, or 1.96%, to 11,393.81.

NEW YORK: Major US 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 dropped 1.9% while energy shed 2.3%, the biggest drop among the S&P 500 sectors. Shares of Apple Inc, Inc and Google parent Alphabet Inc, 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 US employment data.


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