S&P 500 ends below 4,000 Monday for first time in over a year

U.S. stock indexes finished deeper in the red on Monday, with energy and technology stocks leading a swoon ahead of the closing bell. The Dow Jones Industrial Average lost about 653 points, or 2%, to end near 32,245. Declines were even steeper for the S&P 500 index , which tumbled 3.2% to close below the 4,000 mark for the first time since March 2021. The Nasdaq Composite Index finished down 4.3%. But it was the S&P 500’s energy sector, down 8.3%, that booked its worst one-day decline since June 11, 2020 when it fell 9.5%, according to Dow Jones Market Data. Crude oil futures also tumbled Monday, leaving West Texas Intermediate crude for June delivery down 6.1% at $103.09 a barrel. Investors have been on edge as the Federal Reserve gears up to raise interest rates sharply over the next few months to help cool inflation at 40-year highs, but while also looking to avoid sending the economy into a recession.

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