Wall Street falls on fears of a global economic downturn

(Reuters) – The main Wall Street indexes fell on Monday, led by the decline in high-growth technology stocks, as fears of a global slowdown plagued the market for the second consecutive session.

On Friday, weak mill data in the US, Europe and Japan caused the largest one-day percentage declines since Jan. 3, as well as the reversal of the US Treasury yield curve. for the first time since 2007.

US 10-year Treasury yields rose slightly on Monday after the data showed an unexpected improvement in German business sentiment in March, but the spreads between US 3-month and 10-year Treasury yields are still closer to the inversion.

An inverted yield curve is widely viewed as a leading indicator of the recession.

"The markets are not overcoming global economic concerns and the fact that three-month bond yields have outperformed 10-year bonds, creating a reversal," said Robert Pavlik, chief investment strategist. and Senior Portfolio Manager at SlateStone Wealth. LLC in New York.

"The concerns of global growth, without a China-United States. trade agreement, will remain in the background and continue to weigh on the markets. "

Senior US officials are heading to Beijing for the latest round of high-level talks, scheduled to begin on March 28.

The technology sector fell 0.81%, the largest among the top 11 sectors of S & P.

Shares of Apple Inc. fell 1.6% from an event that should allow the company to launch its video streaming service. The event is scheduled to start at 1 pm. AND.

Interest rate-sensitive financial data fell 0.50%.

Investors have largely ignored the report of special advocate Robert Mueller that the campaign of President Donald Trump was not related to Russia, although the futures on the S & P 500 initially increased Sunday. The report leaves open the question of whether Trump has obstructed justice by undermining investigations into his presidency.

At 10:11 am, the Dow Jones Industrial Average was down 103.92 points, or 0.41%, to 25,398.40, the S & P 500 down 11.84 points, or 0.42% , at 2,788.87 and the Nasdaq Composite down 48.60 points, or 0.64%. to 7,594.07.

Boeing Co grew by 1.1%, helping to keep the industrial sector afloat.

The planner announced that she would inform pilots and regulators this week of software and training updates for her 737 MAX aircraft. Ethiopian Airlines and Qatar Airways have expressed confidence in the airline despite the recent crash.

Akamai Technologies fell 4.6%, the most on the S & P, after a stockbroker degraded the title to "sell" it instead of "keeping it".

Shares of Viacom Inc. grew by 5.2%, the largest share of the S & P, following the renewal of the contract with AT & T Inc. to continue to provide its services.

Falling issues outnumbered defenders for a ratio of 2.43 to 1 on the NYSE and a ratio of 2.57 to 1 on the Nasdaq.

The S & P index has recorded no new highs with 52 weeks and three new lows, while the Nasdaq has recorded eight new highs and 67 new lows.