The lingering sell-off pressure that affected Wall Street last week continues, coupled with investors' preparations for a series of economic data reports. As a result, U.S. stocks fell, with the Dow Jones Industrial Average opening 294 points lower before widening its loss to 320 points or 0.8%. The S&P 500 Index opened 64 points lower, dropping by 1.1%. The Nasdaq, influenced by the "Magnificent Seven" tech stocks, saw a drop of 355 points or 2%.
Tesla (TSLA) experienced a 7% decline, marking it as the worst performer among the "Magnificent Seven" stocks. Apple (AAPL, Financial) and Alphabet (GOOG) both fell by 4%, while Meta (META) declined 3%, and Nvidia (NVDA) slipped 2%.
Danish pharmaceutical giant Novo Nordisk (NVO) saw its shares drop by approximately 9% following less than expected test results for its next-generation weight-loss drug, CagriSema. The results did not meet investor expectations, contributing to the stock's decline.
Important upcoming economic indicators include the U.S. Consumer Price Index, set to be released later in the week, and the Producer Price Index, which will follow. These reports are highly anticipated by investors as they assess the economic landscape.
