This Birmingham stock drops more than 4%
Decliners overwhelmed advancers by a 2-to-1 clip as the Birmingham and Alabama Stock Report underwhelmed on Monday.
Birmingham-based Medical Properties Trust and Target were the two biggest downers, falling 4.2% and 3%, respectively.
The plus side wasn’t without a few good pickups. Encompass Health and Lockheed Martin rose 1.6% and 1.4%, respectively. Warrior Met Coal was up 1.1%. ProAssurance gained .5%.
Overall, U.S. stocks drifted in quiet trading Monday, as Wall Street made few big moves overall in advance of the Federal Reserve’s next meeting on interest rates.
The S&P 500 edged up by 3.21 points, or 0.1%, to 4,453.53, coming off its second straight losing week. The Dow Jones Industrial Average rose 6.06, or less than 0.1%, to 34,624,30, and the Nasdaq composite added 1.90, or less than 0.1%, to 13,710.24.
Stocks have been see-sawing since early August on uncertainty about whether the Fed is finally done with its drastic hikes to interest rates. Higher rates have helped cool inflation from its peak last summer, but they also hurt prices for stocks and other investments while slowing the economy.