Wall Street erased gains made in early trades on Monday to see a mixed close as selling pressure returned ahead of key economic data.
While stocks bounced higher at the end of last week to see the S&P 500 post its best week year-to-date, investor jitters appear to be creeping back. The market, though, looks to have priced in the Fed’s hawkish stance and the possibility of more rate hikes.
The S&P 500 fell 0.4% while the Dow Jones Industrial Average closed flat and the Nasdaq closed 0.6% lower.
Bitcoin rallies above $44k
Bitcoin price jumped to levels near $44,500 before retreating in afternoon trades. Currently, the BTC/USD pair is changing hands around $43,900.
Bitcoin’s rally was boosted by news that KPMG in Canada had added Bitcoin and Ethereum to their balance sheet.
Ethereum price also soared in early morning deals to come close to $3,200. (Currently, ETH is trading near $3,100.
Meta declines 5%
After last week’s rout wiped billions off Facebook-parent Meta Platforms’ market value, shares of social media giant sank 5% on Monday.
PayPal shares dropped nearly 4%, while Alphabet and Netflix also declined amid fresh selling in the communications and tech sectors. Google-parent Alphabet lost 2.9% of its value while Netflix shares slipped 2%.
Key corporate earnings this week include Disney (DIS), Uber (UBER), Pfizer (PFE) and Coca-Cola (KO). Last week, Apple, Microsoft and Amazon reported their earnings and revenue.