- US stocks fell Monday with the Nasdaq tumbling 2% amid fears of rising inflation.
- JPMorgan said retail trading in the stock market declined in March despite stimulus checks.
- Gas futures hit their highest level since 2018 on Monday after a cyberattack against a key fuel pipeline over the weekend.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
US stocks fell on Monday with the Nasdaq tumbling over 2% as investors feared a pick-up in inflation would weigh on the high-growth sector. Every one of the FAANG stocks – Facebook, Amazon, Apple, Netflix, and Google – closed down more than 2%.
Rising commodity prices are driving investors to question whether inflation will persist and derail the record-setting rally in stocks. Federal Reserve Chairman Powell and Treasury Secretary Yellen have both signaled that any inflationary pressures will just be temporary, but Wharton Professor Jeremy Siegel said on Friday that inflation could spike massively and force the Fed to change its policy stance earlier than anticipated.
Here’s where US indexes stood at the 4 p.m. ET close on Monday:
- S&P 500: 4,188.43, down 1.04%
- Dow Jones industrial average: 34,742.82, down 0.1% (34.94 points)
- Nasdaq composite: 13,401.86, down 2.55%
While some commodity prices, such as lumber and copper, have exploded lately, Goldman Sachs said in a note that agriculture and industrial metals could lead the next leg of the commodities rally for the next twelve months.
A frenzy in stock market retail trading failed to materialize in March despite $1,400 stimulus checks from the Biden administration. Retail trading activity fell to 18% of all US trades in March, according to a note from JPMorgan.
Ether recorded its biggest one-day gain in two years on Monday, as the world’s second-largest currency smashed past $4,000 for the first time. Meanwhile, Dogecoin plunged 10%, continuing its slide following Elon Musk’s appearance on Saturday Night Live over the weekend. Musk also announced his SpaceX company will launch the satellite “DOGE-1 Mission to the Moon” next year.
Gas futures hit their highest level since May 2018 on Monday as a cyberattack against the largest fuel pipeline in the US kept key operations offline for a third day and just weeks before demand for gas should spike for the summer season.
Gold climbed as much as 0.8%, to $1,846.30 per ounce.