AMC:CC - Stocks Plunge on Fed Fear

Stocks fell Monday on fears that the Federal Reserve may continue tightening until it steers the economy into a recession.

The Dow Jones Industrials withered 251.52 points to 34,178.36.

The S&P 500 subtracted 41.22 points, or 1.9%, to 4,030.48.

The NASDAQ dropped 130.73 points to 11,330.77.

In other news, Tesla shares slumped on reports of an output cut at its Shanghai factory, while Macao-linked casino stocks gained on hopes of easing COVID-19 restrictions.

Investors are looking ahead to next week's Federal Reserve interest rate decision at the conclusion of the central bank's December policy meeting.

Following a speech last week by Fed Chairman Jerome Powell, markets largely expect the central bank will app

A hotter-than-expected reading of November ISM Services further fueled concerns that the Fed will continue hiking. The index posted a 56.5% reading, topping the Dow Jones estimate of 53.7% and increasing from October.

Prices for the 10-year Treasury lost ground, raising yields to 3.61% from Friday's 3.56%. Treasury prices and yields move in opposite directions.

Oil prices increased $1.10 to $81.08 U.S. a barrel.

Gold prices plummeted $22.10 to $1,787.50 U.S. an ounce.