Key US indexes lose more than 4% on Monday

US stock indexes dropped on Monday, with oil & gas, technology and basic materials sectors suffering the biggest losses.

The Dow Jones Industrial Average lost 1.99% and hit a new 52-week low. The S&P 500 and the NASDAQ Composite decreased by 3.20% and 4.29% respectively.

Factors influencing the market

Global stock markets were hit by a wave of sell-offs on Monday. Asian indexes lost more than 1%, while the key European indexes decreased by more than 1.5%. Investors are again gauging prospective global economic growth amid the conflict between Russia and Ukraine, as well as China's quarantine measures against COVID-19. Strict lockdowns in China and quarantine restrictions are notably weighing down on the country's economic growth.

This week, market players are focusing on long-awaited US CPI data for April. Annual inflation is expected to decrease to 8.1% from 8.5% in March. Inflation has been on the rise for more than 6 months.

Analysts expect the active discussion of monetary policy by Fed board members and the CPI data release to cause high volatility in the global financial markets in the next couple of days.

Biggest movers

On the Dow Jones, the best performing stocks were 3M Company (+1.91%), Walmart Inc (+1.17%), and Amgen Inc (+1.13%).

The worst performing stocks were Boeing Co (-10.47%), Chevron Corp (-6.70%), and Visa Inc Class A (-4.84%).

On the S&P 500, the biggest gainers were Newell Brands Inc (+7.92%), Viatris Inc (+5.33%), and News Corp B (+4.14%).

The biggest losers were APA Corporation (-14.92%), Marathon Oil Corporation (-14.03%), and The Mosaic Company (-12.79%).

On the NASDAQ Composite, the top performers were Hemisphere Media Group Inc (+78.78%), Blue Water Vaccines Inc (+44.15%), and Points International Ltd (+42.46%).

The worst performers were Akanda Corp (-74,56%), Renovare Environmental Inc (-40.76%), and TherapeuticsMD Inc (-36.86%).

Worst performing stocks

Shares of Boeing Co dropped by 10.47%, reaching 133.31 and hitting an 52-week low.Akanda Corp fell to an all-time low, nosediving by 74.56% and closing at 2.29.

Shares of Renovare Environmental Inc. tumbled by 40.76%, closing at 0.18 and reaching an all-time low.

TheraupeticsMD Inc went down by 36.86% to a 3-year low of 4.84 at the end of the session.

As a result, falling stocks on the New York Stock Exchange outnumbered advancing ones by 2,891 to 392, while 75 ended unchanged. On the Nasdaq Stock Exchange, 3,343 fell and 642 advanced, while 154 were unchanged.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, went up by 15.10% to 34.75, rising to a new 1-month high.

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