The S&P 500 and the Dow Jones has recorded their biggest single-session decline in more than seven weeks due to a string of devastating performances from companies even as the stock market caught up with early losses.
The S&P 500 was down by 11.98 point a 0.5% drop from its previous close and was last seen trading at 2,557.15, with 11 of its main sectors finishing lower. The Telecom and industrials were the one that fell first. The Dow Jones Industrial Average was down by 112.30 points, 0.5% to end the session at 23,329.46 after closing at record highs.
Both Indexes were in its worst session since Sept. 5 when the S&P 500 0.8% while the Dow declined by 1.1% NASDAQ composite was also down by 34.45 points or equal to 0.5% and was trading at 6,5653.89.
Investors are preparing for President Donald Trump’s pick on who will lead the U.S. central bank. Trump asked Senate Republicans who should be the next Fed boss, and Stanford University economist John Taylor reportedly beat out Fed Gov, Jerome Powell. THe president is expected to announce his choice before starting a trip to Asia on November 3.
Two of the biggest declines in the S&P 500 were burrito chain, Chipotle and chip maker AMD. Chipotle dove by 15% after posting weaker-than-expected earnings, while AMD’s result beat expectations but later tumbled by 14%.