{"id":1619307,"date":"2022-08-22T17:16:28","date_gmt":"2022-08-22T21:16:28","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1619307"},"modified":"2022-08-22T17:16:52","modified_gmt":"2022-08-22T21:16:52","slug":"stocks-get-crushed-on-monday","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stocks-get-crushed-on-monday\/","title":{"rendered":"Stocks Get Crushed on Monday"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">10<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fstocks-get-crushed-on-monday%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1619307&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Stocks got drubbed on Monday, falling across the board as this summer&#8217;s market rally stalled out.<\/p>\n<p>When the closing bell rang on Wall Street, the S&#038;P 500 was down 2.1%, the Nasdaq off 2.6%, and the Dow down 640 points, or 1.9%.<\/p>\n<p>Monday&#8217;s losses completed the biggest two-day declines for the Nasdaq and the S&#038;P 500 since June. For the S&#038;P 500, Monday marked the index&#8217;s largest decline since June 16, the date that also marks the market&#8217;s most recent bottom.<\/p>\n<p>Last week, the major averages <a href=\"https:\/\/finance.yahoo.com\/news\/stock-market-live-news-updates-august-19-114144637.html\" data-ylk=\"slk:lost ground for the first time in four weeks;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">lost ground for the first time in four weeks<\/a>, snapping their longest weekly winning streak since November 2021.<\/p>\n<p>This drop in markets comes ahead of a <a href=\"https:\/\/finance.yahoo.com\/news\/jackson-hole-market-preview-august-21-173439862.html\" data-ylk=\"slk:busy week for economic news;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">busy week for economic news<\/a> with the Federal Reserve&#8217;s key Jackson Hole symposium set for Friday, the same day investors expect updates on inflation data and consumer sentiment.<\/p>\n<p>WTI crude oil futures were volatile in afternoon trade, with crude falling below $87 a barrel on Monday morning before <a href=\"https:\/\/finance.yahoo.com\/news\/oil-falls-concerns-economic-slowdown-013157937.html\" data-ylk=\"slk:headlines on possible production cuts from Saudi Arabia;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">headlines on possible production cuts from Saudi Arabia<\/a> sent crude back towards $90 a barrel.<\/p>\n<p>The euro was also trading back below parity with the US dollar as the dollar continues its best year since the late &#8217;90s.<\/p>\n<p>Elsewhere in markets on Monday, bitcoin (<a href=\"https:\/\/finance.yahoo.com\/quote\/BTC-USD\" data-ylk=\"slk:BTC-USD\" class=\"link\">BTC-USD<\/a>) was down nearly 2% and threatening to again break $21,000 after cracking this level overnight for the first time since late July.<\/p>\n<p>Crypto markets, which have rallied alongside stocks over the last several weeks, also stalled out on Friday with bitcoin and ethereum (<a href=\"https:\/\/finance.yahoo.com\/quote\/ETH-USD\" data-ylk=\"slk:ETH-USD\" class=\"link\">ETH-USD<\/a>) both losing about 8%.<\/p>\n<p>The 10-year yield, which had declined as bonds rallied with stocks in the early phase of this summer&#8217;s rebound, was trading above 3% on Monday, its highest level since July 20. The 10-year yield rose about 20 basis points last week amid a broader slide in the stock market.<\/p>\n<p>The latest iteration of the meme trade continued to unravel early Monday, with shares of AMC (<a href=\"https:\/\/finance.yahoo.com\/quote\/AMC\" data-ylk=\"slk:AMC\" class=\"link\">AMC<\/a>) falling 42% on Monday as the company&#8217;s new preferred share class began trading under the ticker &#8216;APE&#8217; (<a href=\"https:\/\/finance.yahoo.com\/quote\/APE?p=APE&amp;.tsrc=fin-srch\" data-ylk=\"slk:APE\" class=\"link\">APE<\/a>).<\/p>\n<p>AMC&#8217;s preferred units fell 11.9% on Monday to around $6.12 per share. Combine the price of these units with AMC&#8217;s existing common stock, which closed at $10.45, and investors value the business at $16.52 per share, down around 9% from Friday&#8217;s closing price closer to $18.<\/p>\n<p>Unlike traditional preferred stock arrangements that typically offer holders additional economic benefits like larger dividends, AMC&#8217;s new offering has the same voting and economic rights as common shares. AMC announced this <a href=\"https:\/\/investor.amctheatres.com\/newsroom\/news-details\/2022\/AMC-Entertainment-Holdings-Inc.-Announces-Special-Dividend-of-AMC-Preferred-Equity-Units\/default.aspx\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:new preferred share class\" class=\"link\">new preferred share class<\/a> on August 4.<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><noscript><img decoding=\"async\" alt=\"An AMC theatre is pictured in Times Square in the Manhattan borough of New York City, New York, U.S., June 2, 2021.  REUTERS\/Carlo Allegri\" src=\"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2022\/08\/22171635\/db131430-cac9-11eb-beff-d6c6edef2925\" class=\"caas-img\" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">An AMC theatre is pictured in Times Square in the Manhattan borough of New York City, New York, U.S., June 2, 2021. REUTERS\/Carlo Allegri<\/figcaption><\/p>\n<\/figure>\n<p>In the weeks since AMC&#8217;s APE announcement, a rally in several meme stocks \u2014 most notably Bed Bath &#038; Beyond (<a href=\"https:\/\/finance.yahoo.com\/quote\/BBBY?p=BBBY&amp;.tsrc=fin-srch\" data-ylk=\"slk:BBBY\" class=\"link\">BBBY<\/a>) \u2014 has been the primary non-Fed-driven story in financial markets.<\/p>\n<p>Last week, the Bed Bath &#038; Beyond story began unraveling when Ryan Cohen, chairman at GameStop, Chewy co-founder, and ring leader of the first act of the meme trade back in 2021, <a href=\"https:\/\/finance.yahoo.com\/news\/ryan-cohen-sells-bed-bath-beyond-203804593.html\" data-ylk=\"slk:disclosed the sale of his entire 11.8% stake in the struggling retailer;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">disclosed the sale of his entire 11.8% stake in the struggling retailer<\/a> after a manic rally in shares last week.<\/p>\n<p>This news sent Bed Bath &#038; Beyond <a href=\"https:\/\/finance.yahoo.com\/news\/stock-market-live-news-updates-august-19-114144637.html\" data-ylk=\"slk:shares down 40% on Friday;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">shares down 40% on Friday<\/a>. Bloomberg also reported late last week Bed Bath &#038; Beyond had <a href=\"https:\/\/finance.yahoo.com\/news\/bed-bath-beyond-taps-kirkland-203546387.html\" data-ylk=\"slk:hired restructuring lawyers;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">hired restructuring lawyers<\/a> and was <a href=\"https:\/\/finance.yahoo.com\/news\/bed-bath-beyond-suppliers-halt-205930699.html\" data-ylk=\"slk:facing delayed shipments from suppliers;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">facing delayed shipments from suppliers<\/a> over late payments.<\/p>\n<p>Bed Bath &#038; Beyond shares fell 16% on Monday.<\/p>\n<p>This loss of momentum in the market comes ahead of the Fed&#8217;s key <a href=\"https:\/\/finance.yahoo.com\/news\/jackson-hole-market-preview-august-21-173439862.html\" data-ylk=\"slk:Jackson Hole conference later this week;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">Jackson Hole conference later this week<\/a>, with Fed Chair Jerome Powell&#8217;s speech on Friday likely to offer clues on the magnitude of the central bank&#8217;s next interest rate increase.<\/p>\n<p>Friday morning will also feature the latest reading on PCE inflation, the Fed&#8217;s preferred measure, as investors look for additional signs inflation pressures may have peaked, a potential positive catalyst for risk assets.<\/p>\n<p>\u2014<\/p>\n<p><a href=\"https:\/\/finance.yahoo.com\/topic\/stock-market-news\/\" data-ylk=\"slk:Click here for the latest stock market news and in-depth analysis, including events that move stocks\" class=\"link\"><strong>Click here for the latest stock market news and in-depth analysis, including events that move stocks<\/strong><\/a><\/p>\n<p><a href=\"https:\/\/finance.yahoo.com\/news\/\" data-ylk=\"slk:Read the latest financial and business news from Yahoo Finance\" class=\"link\"><strong>Read the latest financial and business news from Yahoo Finance<\/strong><\/a><\/p>\n<p><em>Download the Yahoo Finance app for <\/em><a href=\"https:\/\/itunes.apple.com\/ca\/app\/yahoo-finance\/id328412701?mt=8\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Apple\" class=\"link\"><em>Apple<\/em><\/a><em> or <\/em><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.yahoo.mobile.client.android.finance&amp;hl=en\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Android\" class=\"link\"><em>Android<\/em><\/a><\/p>\n<p><em>Follow Yahoo Finance on <\/em><a href=\"https:\/\/twitter.com\/YahooFinance\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Twitter\" class=\"link\"><em>Twitter<\/em><\/a><em>, <\/em><a href=\"https:\/\/www.facebook.com\/yahoofinance\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Facebook\" class=\"link\"><em>Facebook<\/em><\/a><em>, <\/em><a href=\"https:\/\/www.instagram.com\/yahoofinance\/?hl=en\" rel=\"nofollow noopener\" target=\"_blank\" 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the<\/p>\n","protected":false},"author":1,"featured_media":1619309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1619307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1619307","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1619307"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1619307\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1619309"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1619307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1619307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1619307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}