Political | Process

Investors awaited more corporate earnings results and a key policy decision from the Federal Reserve.

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• The Dow Jones Industrial Average lost about 830 points, or 2.4%, falling for a seventh straight day. At its lows of the day, the blue-chip index lost about 1,115 points.

• The S&P 500 shed 2.9%. The benchmark is down more than 11% from its intraday high. The Nasdaq Composite declined 3.3%, falling deeper into correction territory.

• The market action Monday followed a brutal week on Wall Street in the face of mixed company earnings and worries about rising interest rates.

• Monday’s pullback put the S&P 500 down more than 10% this month, on pace for its worst monthly decline since March 2020 and worst January performance ever.

• The Dow was also headed for its biggest one-month loss since March 2020, falling nearly 8%. The Nasdaq, meanwhile, has dropped about 15% in January and is on pace for its worst month since October 2008 when it plunged 17.7%.

• The CBOE Volatility Index (VIX), known on Wall Street as the market’s “fear gauge,” hit its highest level since November 2020, surpassing the 38 level at its intraday highs.

• The fourth-quarter earnings season has been a mixed bag. While more than 74% of S&P 500 companies that have reported results have topped Wall Street estimates, a couple of key firms let down investors last week, including Goldman Sachs and Netflix.

SOURCE: CNBC