- US stocks fell Monday with the Dow losing more than 340 points.
- Major indexes finished with a loss last week as investors sell risk assets and flock to safe havens.
- European natural gas soared ahead of Russia's three-day closure of the Nord Stream 1 pipeline.
US stocks dropped Monday, continuing the prior week's negative performance across all three major indexes as investors struggle to sustain the summer rally in the face of an aggressive Federal Reserve.
The Dow Jones Industrial Average lost more than 350 points to start the session. Last week's drop marked the first losing week for stocks in a month.
Traders are looking ahead to next month's Fed meeting, when the central bank may continue its aggressive pace of rate hikes to control inflation. Fed officials last week reiterated their committement to bringing prices down, sparking concerns among investors that a dovish pivot is less likely than previously thought.
European markets dipped Monday as concerns heightened around the coming closure of the Nord Stream 1 pipeline.
Here's where US indexes stood as the market opened 9:30 a.m. on Monday:
- S&P 500: 4,176.48, down 1.23%
- Dow Jones Industrial Average: 33,317.11, down 1.16% 364.35 points)
- Nasdaq Composite: 12,525.61, down 1.46%
Wells Fargo warned that investors must begin to play defense as stocks begin to endure a classic bear-market rally, with one top analyst suggesting that now may be time to shed positions despite the recent rise.
AMC stock — after it's recent surge that made one college student a huge gain — cratered more than 30% Monday amid the debut of "APE" preferred equity and talks of competitor bankruptcy.
Meanwhile, Sam Bankman-Fried's crypto exchange FTX grew revenue by more than 1,000% last year, leaked documents show, climbing to more than $1 billion during the digital asset boom.
US oil exports to China and India have jumped as American crude heads overseas at a record pace. President Biden's releases from the Strategic Petroleum Reserve have helped fill the gap from missing Russian barrels in Europe, though Russia's supplies continue to hit Asian markets.
Turkey, at the same time, has doubled its purchases of Russian oil this year amid Moscow's search for new buyers. It's one of a handful of countries that have stepped up its purchases amid war in Ukraine.
Oil plunged, with West Texas Intermediate down 2.62% to $88.39 a barrel. Brent crude, the international benchmark, dipped 2.63% to $94.13 a barrel.
Gold edged lower 0.94% to 1,746.50 per ounce. The 10-year yield rose 0.2 basis points to 2.991%.
Bitcoin fell 1.54% to $21,192.89.