On Monday, the Dow Jones Industrial Average declined 0.3% and the S&P 500 lost 0.75%. The tech-heavy Nasdaq composite sold off 1%. And the small-cap Russell 2000 shed 0.6%.
Among exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) moved down 1% and SPDR S&P 500 (SPY) dropped 0.8%.
U.S. automakers Ford (F) and General Motors (GM) received downgrades from UBS. Ford skidded 6.8% after being downgraded from neutral to sell. GM stock declined 4%, and moved from a buy rating to neutral. A potential serious recession on the horizon has some analysts worried about shares of major automakers.
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