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  3. US markets settle lower on Monday

US markets settle lower on Monday

06 Dec 2022 Evaluate

The US markets ended in red on Monday, with Nasdaq settling around cut of two percent,  on lingering uncertainty about the outlook for interest rates following last Friday's stronger-than-expected jobs data. Adding to the worries about where rates will peak, the Institute for Supply Management (ISM) released a report this morning showing U.S. service sector activity unexpectedly grew at an accelerated rate in the in the month of November. The ISM said its services PMI climbed to 56.5 in November from 54.4 in October, with a reading above 50 indicating growth in the sector. The increase surprised participants, who had expected the index to dip to 53.1. Meanwhile, new orders for U.S. manufactured goods jumped by more than expected in the month of October, according to a report released by the Commerce Department. The Commerce Department said factory orders shot up by 1.0 percent in October after rising by 0.3 percent in September. Street had expected factory orders to increase by 0.7 percent.

The bigger than expected increase in factory orders came as orders for durable goods surged by 1.1 percent in October after edging up by 0.2 percent in September. Orders for transportation equipment led the way higher, soaring by 2.2 percent. The report said orders for non-durable goods also jumped by 1.0 percent in October after rising by 0.3 percent in the previous month. On the sectoral front, banking stocks turned in some of the market's worst performances on the day, dragging the KBW Bank Index down by 4.4 percent to its lowest closing level in a month. A sharp pullback by the price of crude oil also weighed on energy stocks, with crude for January delivery plunging $3.05 to $76.93 a barrel after reaching an early high of $82.72 a barrel. Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index plummeted by 4.0 percent and the NYSE Arca Oil Index dove by 3.0 percent.

Dow Jones Industrial Average fell 482.78 points or 1.4 percent to 33,947.1, Nasdaq dropped 221.56 points or 1.93 percent to 11,239.94 and S&P 500 was down by 72.86 points 1.79 percent to 3,998.84.

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