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U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling around 200 points on Monday.
The Dow traded down 0.53% to 38,450.28 while the NASDAQ fell 0.11% to 15,612.52. The S&P 500 also fell, dropping, 0.16% to 4,950.80.
Wall Street ends week on negative note as traders revise down expectations on Fed rate cuts. Strong economic data and Fed officials' comments push stocks into red, reducing rate cut expectations for 2024. Treasury yields and dollar strengthen. Small-caps hit hardest.
Last week, the oil market and its byproducts experienced a sell-off across the board due to several factors, ranging from geopolitical to fundamental industry data. Traditionally, after a significant run-up of 8.2%, a pullback wouldn't be surprising. However, last week's move of -7.44%, especially in trade flow activity, is somewhat concerning for oil bulls.
Shares of Air Products and Chemicals, Inc. (NYSE: APD) fell sharply during Monday’s session after the company reported worse-than-expected first-quarter financial results and lowered FY24 adjusted EPS guidance below estimates.