S&P 500   4,582.40 (+0.67%)
DOW   35,632.86 (+0.40%)
QQQ   383.01 (+0.79%)
AAPL   152.31 (+2.32%)
MSFT   322.84 (-0.10%)
FB   314.99 (+0.89%)
GOOGL   2,922.13 (-0.08%)
TSLA   1,070.79 (+3.17%)
AMZN   3,469.43 (+2.27%)
NVDA   246.90 (+0.98%)
BABA   169.76 (+0.31%)
NIO   40.32 (+2.57%)
CGC   12.86 (+0.63%)
GE   104.11 (+0.25%)
AMD   120.90 (-1.13%)
MU   69.32 (+1.58%)
T   25.59 (+2.11%)
F   16.90 (+8.96%)
ACB   6.86 (+0.29%)
DIS   170.14 (+0.35%)
PFE   43.16 (+0.44%)
BA   206.72 (+0.05%)
AMC   34.98 (+0.63%)
S&P 500   4,582.40 (+0.67%)
DOW   35,632.86 (+0.40%)
QQQ   383.01 (+0.79%)
AAPL   152.31 (+2.32%)
MSFT   322.84 (-0.10%)
FB   314.99 (+0.89%)
GOOGL   2,922.13 (-0.08%)
TSLA   1,070.79 (+3.17%)
AMZN   3,469.43 (+2.27%)
NVDA   246.90 (+0.98%)
BABA   169.76 (+0.31%)
NIO   40.32 (+2.57%)
CGC   12.86 (+0.63%)
GE   104.11 (+0.25%)
AMD   120.90 (-1.13%)
MU   69.32 (+1.58%)
T   25.59 (+2.11%)
F   16.90 (+8.96%)
ACB   6.86 (+0.29%)
DIS   170.14 (+0.35%)
PFE   43.16 (+0.44%)
BA   206.72 (+0.05%)
AMC   34.98 (+0.63%)
S&P 500   4,582.40 (+0.67%)
DOW   35,632.86 (+0.40%)
QQQ   383.01 (+0.79%)
AAPL   152.31 (+2.32%)
MSFT   322.84 (-0.10%)
FB   314.99 (+0.89%)
GOOGL   2,922.13 (-0.08%)
TSLA   1,070.79 (+3.17%)
AMZN   3,469.43 (+2.27%)
NVDA   246.90 (+0.98%)
BABA   169.76 (+0.31%)
NIO   40.32 (+2.57%)
CGC   12.86 (+0.63%)
GE   104.11 (+0.25%)
AMD   120.90 (-1.13%)
MU   69.32 (+1.58%)
T   25.59 (+2.11%)
F   16.90 (+8.96%)
ACB   6.86 (+0.29%)
DIS   170.14 (+0.35%)
PFE   43.16 (+0.44%)
BA   206.72 (+0.05%)
AMC   34.98 (+0.63%)
S&P 500   4,582.40 (+0.67%)
DOW   35,632.86 (+0.40%)
QQQ   383.01 (+0.79%)
AAPL   152.31 (+2.32%)
MSFT   322.84 (-0.10%)
FB   314.99 (+0.89%)
GOOGL   2,922.13 (-0.08%)
TSLA   1,070.79 (+3.17%)
AMZN   3,469.43 (+2.27%)
NVDA   246.90 (+0.98%)
BABA   169.76 (+0.31%)
NIO   40.32 (+2.57%)
CGC   12.86 (+0.63%)
GE   104.11 (+0.25%)
AMD   120.90 (-1.13%)
MU   69.32 (+1.58%)
T   25.59 (+2.11%)
F   16.90 (+8.96%)
ACB   6.86 (+0.29%)
DIS   170.14 (+0.35%)
PFE   43.16 (+0.44%)
BA   206.72 (+0.05%)
AMC   34.98 (+0.63%)

Stocks fall on tech slide, oil hits highest level since 2014

Monday, October 4, 2021 | Damian J. Troise And Alex Veiga, AP Business Writers


A woman walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Monday, Oct. 4, 2021. Asian markets were mixed on Monday, while Hong Kong’s benchmark shed more than 2% after troubled property developer China Evergrande’s shares were suspended from trading. (AP Photo/Vincent Yu)

Technology companies led a broad slide for stocks Monday, as the market lost more ground following its worst week since winter.

The selling came amid more signs of rising inflation for the U.S. economy. The price of oil hit a seven-year high as OPEC and allied oil producers stuck with a plan to cautiously raise production even as global demand for crude oil increases.

The S&P 500 was down 1.5% as of 3:40 p.m. Eastern. The Dow Jones Industrial Average dropped 378 points, or 1.1%, to 33,945.

Losses in technology stocks pulled the Nasdaq 2.5% lower. Apple fell 2.9% and Microsoft fell 2.4%. Big communication companies also slipped. Facebook fell 5.5% a day after a former employee told “60 Minutes” that the company has consistently chosen its own interests over the public good. The social network and its Instagram and WhatsApp platforms also were apparently down worldwide as of midmorning on Monday.

U.S. crude oil prices rose 2.3% and topped $77 per barrel for the first time since 2014. OPEC and allied oil producing countries on Monday decided to stay with their cautious approach to restoring oil production slashed during the pandemic, agreeing to add 400,000 barrels per day in November.

Natural gas prices jumped 2.6%. Energy companies rose along with energy prices. Devon Energy rose 5.5% and Marathon Oil climbed 4.4%.

“You're seeing energy doing well on the back of energy prices, and you're seeing some of those sectors that had led in the past few months are weaker now,” said Megan Horneman, director of portfolio strategy at Verdence Capital Advisors.

The yield on the 10-year Treasury rose to 1.49% from 1.47% Friday. The yield was at 1.31% on Sept. 20, and the recent jump has contributed to weakness in technology stocks. A swift rise in interest rates has forced a reassessment of whether stocks have grown too expensive, particularly already high-priced technology companies.

Investors are increasingly worried about inflation as oil prices rise and companies continue facing supply problems that increase their costs and force them to raise prices. Wall Street is also worried about the Federal Reserve's timing on trimming back bond purchases and its eventual move to raise its benchmark interest rate.

“You really have a lot of reasons for the tape to trade defensively right now,” said Julian Emanuel, chief equity and derivatives strategist at BTIG. “If you’re not going to get the bond market rallying and yields declining, then the likelihood is you see more volatility in stocks,” he said.

Investors are also preparing for the latest round of corporate earnings, which will ramp up in the next several weeks. They are also still closely monitoring economic data for more signals about the pace of the recovery as businesses and consumers continue to deal with the impact of COVID-19 and the highly contagious delta variant.

Wall Street will get more information on the economy's health this week. On Tuesday, the Institute for Supply Management will release its service sector index for September. The services sector is the largest part of the economy and its health is a key factor for growth.

On Friday, the Labor Department will release its employment report for September. The employment market has been struggling to fully recover from the damage done by COVID-19 more than a year ago.

Tesla held on to a slight gain after the electric vehicle maker reported surprisingly good third-quarter deliveries. The stock was up 0.8%, but rose as much as 4% in morning trading.

In Asia, Hong Kong’s benchmark fell more than 2% after troubled property developer China Evergrande’s shares were suspended from trading. Shares in most European markets edged higher.

Should you invest $1,000 in Marathon Oil right now?

Before you consider Marathon Oil, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Marathon Oil wasn't on the list.

While Marathon Oil currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The 5 Stocks Here

 


Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Tesla (TSLA)2.4$1,073.39+3.4%N/A559.06Hold$695.83
Marathon Oil (MRO)2.4$16.35+0.9%1.22%-23.70Buy$17.40
Compare These Stocks  Add These Stocks to My Watchlist 

Resources

Premium Research Tools

MarketBeat All Access subscribers can access stock screeners, the Idea Engine, data export tools, research reports, and other premium tools.

Discover All Access

Market Data and Calendars

Looking for new stock ideas? Want to see which stocks are moving? View our full suite of financial calendars and market data tables, all for free.

View Market Data

Investing Education and Resources

Receive a free world-class investing education from MarketBeat. Learn about financial terms, types of investments, trading strategies and more.

Financial Terms
Details Here
MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research.