Wall Street falls on global economic downturn by Reuters
© Reuters. Traders working on the NYSE floor in New York By Shreyashi Sanyal
(Reuters) – Wall Street main indices fell on Monday, pulled down by slowdown technologies with high growth, fearing a global downturn roiled the market for the other quick session.
On Friday, weak factory data from the US, Europe, and Japan resulted in major indices posting their largest one-day drop since January 3, and also led to the US Treasury yield curve inversion for the first time since 2007.
Returns on US 1[ads1]0-year treasury yields modestly rose on Monday after data showed German business ethics improved unexpectedly in March, but spreads between three months and three-year treasury dividends moved closer to inversion.
A reverse yield curve is generally seen as a leading indicator of recession.
"Markets do not overcome the concerns of the global economic climate, and the fact that 3-month treasury proceeds rose over 10-year notes creates an inversion," said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.
"The concern for global growth, without a trade between China and the United States, will lie in the background and continue to weigh in markets."
Top US officials travel to Beijing for the last round of high-level talks, scheduled to start on March 28.
The technology sector fell 0.81 percent, weighing most among the 11 major S&P sectors.
Apple (NASDAQ 🙂 Inc shares fell 1.6 percent before an event where the company is expected to launch its video streaming service. The event is scheduled to start at 1 ET.
Interest-sensitive finances fell 0.50 percent.
Investors largely pulled by Special Adviser Robert Mueller's report that President Donald Trump's campaign did not coincide with Russia, despite the fact that it first rises on Sunday. The report left unresolved the question of whether Trump hindered justice by undermining the investigations that have dogged his presidency.
At 10:11 ET, it was down 103.92 points, or 0.41 percent, at 25.398.40, it was down 11.84 points, or 0.42 percent, at 2,788.87, and it was down 48 , 60 points, or 0.64 percent, to 7,594.07.
Boeing (NYSE 🙂 Co rose 1.1 percent and helped keep the industry sector top.
The planner said it will survey pilots and regulators this week on software and training updates for its 737 MAX aircraft, with Ethiopian Airlines and Qatar Airways expressing confidence in the company despite a recent crash.
Akamai Technologies (NASDAQ 🙂 Dropped 4.6 percent, mostly at S & P, after a report brokerage Deutsche Bank (DE 🙂 had downgraded the stock to "sell" from "hold".
Viacom Inc.'s shares rose 5.2 percent the most at S & P, after the company renewed a contract with AT & T Inc (NYSE 🙂 to continue carrying its services.
Falling issues beyond promoters for a ratio of 2.43 to 1 on the NYSE and for a 2.57-to-1 ratio on Nasdaq.
The S&P index recorded no new 52-week high and three new downs, while Nasdaq recorded eight new heights and 67 new downs.
