Industrial Stocks Sink Wall Street, CAT Leads the Fall
Monday, May 23, 2022 1:00 PM

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Most of the blue-chip components sank Monday, led by Caterpillar (NYSE: CAT), which is trading lower by 3.06 percent to $101.14. All key S&P 500 sectors fell, led by industrials, technology, and energy. 

Troubles in Europe mounted, beginning with Standard & Poor’s downgrade of Italy's outlook to "negative" from "stable" over the weekend. Then Spain's ruling Socialist party suffered an election setback. On Monday, European purchasing managers index data indicated a slowdown in growth in the euro zone, with German and French numbers below expectations.

Also in Europe, several leaders called for Greece to avoid debt restructuring and push ahead with austerity measures. The focus on Monday remains on whether Greece will receive another handout. Many investors fear that if Greece restructures its debt, Ireland and Portugal could follow suit.

Other Industrial stocks sank Monday are, Deere & Company (NYSE: DE) trading lower by 2.60 percent to $82.55. Cummins Inc. (NYSE: CMI) is trading lower by 2.06 percent to $104.22 a share. E.I. du Pont de Nemours and Company (NYSE: DD) is trading lower by 2.69 percent to $51.32 a share on Monday.

The S&P 500 fell more than 1 percent, while the tech-heavy Nasdaq sank more than 1.5 percent. The CBOE Volatility Index, widely considered the best gauge of fear in the market, rose above 18.

 

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