wall Street The bank shares closed lower on Monday after erasing the earlier gains and Apple Shares fell on a report that said the company plans to slow hiring and spending growth next year.
After posting solid gains to start the session following earnings from Bank of America Corp. BAC.N and Goldman Sachs Group Inc. GS.N, the S&P financial sector .SPSY weakened at the close.
Apple shares closed down 2.1% at $147.1 Bloomberg report She said the company plans to slow down the growth of hiring and spending at some units next year to tide over a possible economic slowdown.
Goldman Sachs advanced 2.5% as it posted a lower-than-expected fourth-quarter profit of 48%, helped by strength in its fixed-income business.
Worries about a big one percentage point increase in late July eased after comments from Fed officials last week that policymakers could stick to 75 basis points growth.
“It’s really hard to maintain the upward momentum,” said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. “And that’s the story of bear markets.”
Dow Jones Industrial Average. DJI fell 215.65 points, or 0.69%, to 31,072.61. The S&P 500 SPX fell 32.31 points, or 0.84%, to 3,830.85, and the Nasdaq Composite.IXIC fell 92.37 points, or 0.81%, to 11,360.05.
Nine of the 11 key sectors of the S&P 500 lost ground, along with healthcare.SPXHC and utilities. SPLRCU suffered the biggest percentage drop, while Energy.SPNY made the biggest gainer.
Earnings of big tech companies will be closely watched next week, as their stocks have come under heavy selling pressure for much of this year.
Among other tech stocks, Google parent Alphabet fell 2.5%. IBM dropped 1.3%.
Volume on US exchanges stood at 10.63 billion shares, compared to an average of 12.15 billion for the full session over the past 20 trading days.
Advancing issues declining the 1.20-to-1 ratio on the NYSE; On the Nasdaq, a 1.06-to-1 ratio favored the decline.
The S&P 500 posted a new 52-week high and 31 new lows; The Nasdaq Composite posted 30 new highs and 78 new lows.
(Reporting by Echo Wang in New York; Additional reporting by Shreyashi Sanyal, Bansari Mayur Kamdar and Shruti Shankar in Bengaluru; Editing by Shaunak Dasgupta, Anil D’Silva and Deepa Babington)