Episode Details

The S&P 500 fell on Monday, weighed down by further gains in oil prices and a steep decline in tech, as traders looked past comments from Federal Reserve Chair Jerome Powell on inflation. The broad-based index dipped 0.39%, posting a third straight losing session and settled at 6,343.72. The S&P 500 was just over 9% off its closing high. The move lower was led by declines in the technology sector, which fell more than 1%. On the flip side, sectors such as financials and utilities saw gains. The Nasdaq Composite dropped 0.73% to 20,794.64. The Dow Jones Industrial Average added 49.50 points, or 0.11%, and closed at 45,216.14.

The CBOE Volatility Index topped 30 during the session.

U.S. oil prices also rose to start the week, with West Texas Intermediate futures settling up 3.25% at $102.88 per barrel — its highest close since July 19, 2022. Brent crude futures inched up 0.19% to $112.78 a barrel and were on pace the biggest monthly surge ever with a 55% rise in the period.

SPI up 11 - RBA Minutes - Commodities slightly higher.

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