- Stocks fell Monday as investors assessed the outlook on interest rates and the rebellion attempt in Russia.
- Investors are expecting the Fed to continue raising interest rates, which could weigh on asset prices.
US stocks fell on Monday, as traders assessed the outlook on interest rates and tried to shrug off the Wagner mercenary group's brief mutiny against Russian President Vladimir Putin over the weekend.
The ruble slumped to a 15-month-low intraday Monday before paring losses, as the attempted rebellion shook the confidence of Russian currency holders.
Meanwhile, investors see a high likelihood that the Federal Reserve will continue to raise interest rates in the economy to lower inflation, which could weigh on asset prices. Markets have priced in a 77% chance the Fed will hike rates another 25 basis points at its next policy meeting in July, up from a 52% chance a month ago.
Here's where US indexes stood as the market opened 9:30 a.m. on Monday:
- S&P 500: 4,328.82, down 0.45%
- Dow Jones Industrial Average: 33,714.71, down 0.04% (12.72 points)
- Nasdaq Composite: 13,335.78, down 1.16%
Here's what else is going on:
- Goldman Sachs downgraded Tesla stock after it soared 105% since the start of the year.
- Rents are rising in the Midwest, a sign that cash-strapped tenants are flocking to the region amidst a still-unaffordable housing climate.
- Inflation will propel major stock gains over the next half-century, according to billionaire investor Ron Baron.
- Nancy Pelosi's husband exercised $2.6 million of Apple and Microsoft stock options this month.
- Tech stocks could rally 15% in the second half as markets witness an $800 billion AI spending wave, Wedbush said.
- AI stocks could become unprofitable in the future as money has already been made on them in the current rally, Jim Bianco said.
- Bitcoin could hit $200,000 as top Wall Street players jump in, said Fundstrat's Tom Lee.
In commodities, bonds, and crypto:
- Oil prices inched higher, with West Texas Intermediate up 0.52% at $69.52 a barrel. Brent crude, the international benchmark, rose 0.17% to $74.46 a barrel.
- Gold edged higher 0.05% to $1,922.77 per ounce.
- The 10-year yield ticked down 2 basis points to 3.719%.
- Bitcoin fell 0.92% to $30,152.