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Stocks fall across the board as investors eye economic data ahead

Yahoo Finance anchors report on how stocks are moving into afternoon trading on Monday.

Video Transcript

RACHELLE AKUFFO: Well, let's do a final check of the markets to see where things stand before we close out here. We see the Dow there down more than 1% now. The S&P 500 down almost 1 and 1/2%. Same situation for the tech-heavy NASDAQ. That is also down about 1 and 1/2% as well. And even as we take a look at some of the market action that we're seeing today, we're seeing that when it comes for the sector, activities and utilities down the most.

We're seeing-- also seeing in terms of consumer discretionary, that's down the most. That's down more than 2% at the moment. So really not seeing any positive sectors there across the SPDR sectors at the moment. We'll see if these losses continue, obviously, bracing for the Fed announcement and other details coming out next week, Akiko.

AKIKO FUJITA: Yeah, Rachelle, worth noting that we have seen those declines accelerate since we got the ISM services number out this morning. Looking at where they came in November, came in hotter than expected, certainly adding to these concerns that Fed will continue to tighten for longer. There was a bit of an easing pressure when you think about where things came in, in terms of the inflation print.

But now we're looking at some of these declines on the back of the November ISM services. The index posting a 56 and 1/2% reading that is well higher than what was anticipated there. Finally, all three major indices, as Rachelle said, down right now. We have also seen the bond yields push higher on the back of this as well.