Hey moomooers,

Good evening. Here is the latest Market Recap for you.

Persistent weakness in technology stocks led the major indexes lower on Monday after last week's hotter-than-expected inflation readings sparked a downturn in equity markets.

How did major indexes fare?

• The $Dow Jones Industrial Average(.DJI.US)$ dipped 54.34 points, or 0.2%, to 34,327.79. 

• The $S&P 500 index(.SPX.US)$ lost 0.3% to 4,163.29 as the tech sector pulled back 0.7%. 

• The $Nasdaq Composite Index(.IXIC.US)$ fell 0.4% to 13,379.05.

  
  

Source: moomoo

What drove the market?

• Dow dips 50 points to start the week as tech weakness continues

Persistent weakness in technology stocks led the major indexes lower on Monday after last week's hotter-than-expected inflation readings sparked a downturn in equity markets.

Big Tech came under pressure to start the week, with $Apple Inc(AAPL.US)$ and $Netflix Inc(NFLX.US)$ each down 0.9%. $Microsoft Corp(MSFT.US)$ shed 1.2%, while $Tesla, Inc.(TSLA.US)$ dropped more than 2% as famed investor Michael Burry revealed a big short positionon the electric carmaker.

• A warning sign of how overbought equity markets have become

Not only are [last] week’s events a warning sign of how uncomfortable inflation prints can become but also a warning sign of how overbought equity markets have become.

-Nikolaos Panigirtzoglou, a managing director at JPMorgan

Which stocks were in focus?

• $FISKER INC.(FSR.US)$ — Fisker shares fell 2.2% after the car maker reported a 63-cent per-share loss for the previous quarter. The loss was wider than FactSet’s consensus analyst estimate for a loss of 19 cents per shre. The electric-vehicle startup also reported revenues of $22,000 and a cash balance of $985 million.

• $TWILIO INC(TWLO.US)$ — Twilio shares ticked higher on news that it plans to acquire business-texting platform Zipwhip for $850 million in a blend of cash and stock. The cloud-communications company said Zipwhip will expand its high-quality traffic and that it expects the deal to close by the end of this year.

• $Aon PLC(AON.US)$ — Share of Aon rose 1.5% in after a regulatory filing revealed that Warren Buffett’s Berkshire Hathaway had a stake in the company as of March 31. Aon, which sells insurance, pension administration and other financial services, is based in London.