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US stock market indexes largely closed in negative territory on Monday. The S&P 500 fell by 0.39%, while the NASDAQ lost 1.2%. The Dow Jones Industrial Average edged up by 0.08%.
Investors are highly cautious and avoid risk amid concerns over global economic recovery. The European Commision cut its growth outlook for 2022 to 3.2% from 5.7%. US growth outlook was reduced to 2.9% from 4.5%.
The Goldman Sachs cut its US economic outlook for 2022 to 2.4% from 2.6%. The outlook for 2023 was revised to 1.6% from 2.2%.
The New York Empire State Manufacturing Index fell to -11.6 points from 24.6 points in April, indicating worsening economic conditions in the New York region. Analysts expected the index to decline to 16.5-17 points.
Investors are also concerned by weak macroeconomic data from China. Retail sales fell by 11.1%, surpassing the projected decline by 6.1%. Furthermore, industrial output decreased by 2.9%, well below the expected increase by 0.4%. The negative situation in China could make an impact on the economic situation in other countries.
Furthermore, market players try to predict the future actions of the Federal Reserve. The Fed is expected to increase the interest rate to 1.25%-1.5% at its June meeting. Earlier, the regulator hiked the rate by 50 basis points to 0.75%-1%. Analysts are concerned that a very fast monetary tightening cycle could send the US economy into a recession.
On the Dow Jones, the best performing stocks of Monday's session were Chevron Corp. (+3.1%), Merck & Co. (+2.1%), and Verizon Communications (+1.8%). The worst performing stocks were Boeing Co (+2.5%), Walt Disney Co. (+2%), and Salesforce Inc. (+1.7%).
Shares of McDonald's Corp. lost 0.4% after the company announced it would quit Russia after more than 30 years in the Russian market. McDonald's expects to suffer a loss of $1.2-1.4 billion from this move.
Nucor Corp. lost 3.3% as the company prepares to acquire C.H.I. Overhead Doors for more than 3.3%.
In a hostile takeover bid, JetBlue Airways has offered Spirit Airlines stakeholder $30 per share on Monday. As a result, the share price of Spirit Airlines jumped by 13.5%, while JetBlue Airways lost 6.1%.
ManTech International gained 15% on the news of the company's imminent takeover by Carlyle Group Inc. Shares of Carlyle Group Inc. shed 0.3%.
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