The US markets ended in red on Monday after the US attacked Iran for the first time in weeks, fueling a rise in oil prices and increased bets that the Federal Reserve would raise interest rates at its September meeting. Traders also remained on sidelines ahead of the release of some key economic data in the coming days, including the Labor Department’s monthly jobs report on Friday, which could provide fresh clues about the Federal Reserve’s interest-rate path. On the sectoral front, Airline stocks moved sharply lower amid the surge in crude oil prices, dragging the NYSE Arca Airline Index down by 3.2 percent to its lowest closing level in over three months. Interest rate-sensitive housing and utilities stocks also came under pressure, with the Philadelphia Housing Sector falling by 1.9 percent and the Dow Jones Utility Average declining by 1.4 percent. Gold and retail stocks also showed significant moves to the downside, while energy stocks moved notably higher along with the price of crude oil.
Dow Jones Industrial Average fell by 374.09 points or 0.7 percent to 53,185.9, Nasdaq declined by 31.53 points or 0.12 percent to 26,370.88 and S&P 500 was down by 25.62 points or 0.33 percent to 7,686.14.
About The Author
