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Wall Street ends lower as Meta’s decline deepens
Wall Street ended lower on Monday, with the major indexes falling off a cliff in the final hour of the session , reflecting uncertainty ahead of key U.S. inflation data later this week.The Dow finished exactly flat, while the S&P fell slightly and the Nasdaq closed down more than half a percent.Adam Coons, a portfolio manager at Winthrop Capital Management, said that while he thinks inflation has peaked, Thursday’s Consumer Price Index data is still very much in focus for investors.”It’s going to be a lot like like the jobs number, where if it surprises to the upside, then I think we’ll see a market decline because that’s going to further push this narrative that the Fed’s going to be more aggressive than maybe what some think… If we see the CPI number decline, I think markets overall will brush it off.”Shares of Facebook owner Meta Platforms fell again, finishing down more than five percent, adding to losses after its bleak forecast last week and a market cap loss of more than $200 billion.Peloton soared nearly 21% following reports that Amazon and Nike are exploring potential buyout offers for the exercise bike maker, though several analysts wondered if it was a good fit for either company. Shares of Tyson Foods also popped after the meatpacker’s first-quarter profit nearly doubled and surged past estimates on the back of higher prices.Finally, Spirit Airlines jumped after announcing plans to join Frontier Group to create the fifth-largest U.S. airline in a $2.9 billion tie-up, lifting the S&P’s Airlines Index.
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