By Yasin Ebrahim

Investing.com – The S&P 500 closed lower Monday, as the bleeding in Facebook continued, souring sentiment on big tech and offsetting gains in value sectors of the market.

While the Nasdaq was flat at 0.58%, it fell 0.3%.

Facebook-parent Meta Platforms (NASDAQ:) fell more than 5% to end the day at 52-week lows, souring sentiment on big tech as the social media continued to struggle to find a bottom following a rout last week on the back of disappointing guidance. The company announced after the closing bell that tech investor Peter Thiel would be step downing from the board of  Meta.

Alphabet (NASDAQ:), Apple (NASDAQ:), and Microsoft (NASDAQ:) were also nursing losses as investors appear to have one eye on widely expected Federal Reserve rate hikes following last week’s monthly jobs showing a rising wage growth that could keep inflation at a red-hot pace.

“If wage growth fails to moderate they (the Fed) will have no choice but to hike faster— and further—than they currently expect,” Pantheon Macroeconomics said in a note.

The value sector, on the other hand, tried to bridge the technology gap with energy and financials doing the bulk of the work.

Although oil prices were in oversold territory for five weeks, energy was higher than 1% despite that. However, the market is expected to resume its uptrend since supply continues to be tight and demand keeps rising.   

“In our opinion, a somewhat more pronounced consolidation or even correction would be well overdue after seven weeks of rising prices,” Commerzbank said in a note.

Baker Hughes (NYSE:), Schlumberger, (NYSE:), Valero Energy (NYSE) were the largest sector gainers.

Investors meanwhile took in mostly positive quarterly earnings results.

Tyson Foods (NYSE:) reported better-than-expected earnings as the beef and poultry maker’s growth in the quarter was beefed up by a rising meat prices. Its shares increased by over 12%.

Hasbro (NASDAQ:) was flat despite its beating Wall Street estimates on both the top and bottom lines, driven largely by the toy maker’s partnerships with name brands.

Peloton, Front Airlines were the top-rated deals in Investor Attention.

Peloton Interactive, NASDAQ:), surged 21% in response to multiple suitors such as Amazon (NASDAQ;) Nike (NYSE) are reported to be looking for a buyer for the struggling connected equipment company.

Frontier Group (NASDAQ 🙂 Spirit Airlines After the announcement of a $6.6 billion merger, (NYSE:) stock prices were significantly higher. This deal would have the low-cost carriers combine to form the fifth largest airline in America.

Astra Space (NASDAQ 🙂 lost nearly 14% on Monday, after the tiny rocket manufacturer canceled the launch of the first mission it planned from Florida.