Big Tech Stocks Drop as Banks, Energy Firms Rise



Stocks wound up a mixed bag on Wall Street Monday as losses for several Big Tech companies checked gains elsewhere in the market. Microsoft fell 1.7% and Apple gave back 1.1%. The yield on the 10-year Treasury note rose to 1.49%, its highest level since late June. That helped send bank stocks mostly higher, the AP reports. Energy companies also rose as the price of US crude oil climbed The S&P 500 fell 12.37 points, or 0.3%, to 4,443.11. The Dow Jones Industrial Average rose 71.37 points, or 0.2%, to 34,869.37. The Nasdaq fell 77.73 points, or 0.5%, to 14,969.97. The Russell 2000 index of smaller companies rose 32.93 points, or 1.5%, to 2,281.

Markets have had a choppy month so far and the S&P 500 is on pace to shed 1.6% in September, which would mark the first monthly loss since January. Investors have been trying to gauge just how much room the economy has to grow amid waves of COVID-19 crimping consumer spending and job growth while inflation remains a concern. The economic recovery started strong in 2021, but analysts and economists have been tempering their forecasts for the rest of the year. In a survey being released Monday, the National Association for Business Economics found that its panel now expects full-year economic growth of 5.6%, down from a forecast for 6.7% growth in NABE’s previous survey in May. However, economists raised their forecast for 2022 economic growth to 3.5% from a previous outlook of 2.8%.

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