US benchmark equity indexes are on track to close lower on Monday after President Donald Trump once again asked Federal Reserve Chair Jerome Powell to reduce interest rates.
The Dow Jones Industrial Average dropped 3% to 37,979, while the Nasdaq Composite decreased 3.3% to 15,751.48. The S&P 500 was down 3.1% to 5,120.61. All sectors were in red, with consumer discretionary and technology posting the steepest declines.
Discover Financial Services (DFS) was the top gainer on the S&P 500 with shares up 3.7%. The company said that banking regulators have issued orders resolving their investigations on the previously disclosed card product misclassification issue. Together, the Federal Deposit Insurance Corporation and the Federal Reserve Board assessed civil money penalties of $250 million.
Fidelity National Information (FIS) shares jumped 3.1%. Citigroup upgraded its rating on the company's stock to buy from neutral, and TD Cowen upgraded to buy from hold.
Blackstone (BX) shares were down 8.5%, among the worst performers on the S&P 500. Goldman Sachs and Deutsche Bank reduced their respective price targets on the private equity giant's stock.
The 10-year US Treasury yield gained 8 basis points to 4.4%, while the two-year rate was down 5.1 basis points to 3.8%.
May West Texas Intermediate crude oil was down 2% to $62.71 a barrel.
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