Tech, Energy Stocks Tumble

Twitter up 1.7% after Musk says he won't join board
By Newser Editors and Wire Services
Posted Apr 11, 2022 4:03 PM CDT
Tech, Energy Stocks Tumble
The logo for Twitter appears above a trading post on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

Stocks fell on Wall Street Monday, extending a losing streak from last week. Technology stocks sank and were the biggest weights on the market. Energy companies also slipped along with falling crude oil prices. Twitter rose 1.7% after Tesla CEO Elon Musk said he wouldn’t be joining the company’s board after all, the AP reports. Musk recently became the company’s biggest individual shareholder and is now free to increase his stake. The S&P 500 fell 75.75 points, or 1.7%, to 4,412.53. The Dow Jones Industrial Average fell 413.04 points, or 1.2%, to 34,308.08. The Nasdaq fell 299.04 points, or 2.2%, to 13,411.96.

Microsoft dived 3.9% and Apple fell 2.5%.Energy stocks were among some of the biggest losers as they followed oil prices lower. US crude oil prices fell 4% and Occidental Petroleum slumped 6.3%, the biggest decliner in the S&P 500. Oil prices remain volatile amid Russia's invasion of Ukraine, which has put more pressure on global energy supplies. Global oil prices are up just over 25% for the year, though they have been easing somewhat throughout April.

Shares of the new Warner Bros. Discovery media giant fell early on their first day of trading but closed up 1.27%. The company is the $43 billion combination of Discovery and the AT&T spinoff WarnerMedia that includes storied film studio Warner Bros., CNN, HBO, HGTV, and Discovery. Wall Street will get several updates this week that could provide more clues about how the broader economy has been handling rising inflation. The Labor Department on Tuesday will release its report on consumer prices for March, while the Commerce Department will release its March retail sales report on Thursday. (More stock market stories.)

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