The Dow Jones Industrial Average slid 602 points or 2.3 percent in a volatile and light trading session due to the Veterans Day holiday. The Nasdaq Composite fell over 206 points or nearly 3 percent, while the S&P 500 lost 54.79 points or nearly 2 percent. Ten of the sectors in the S&P 500 fell led by technology and consumer discretionary, utilities viewed as defensive, lost the least.
|I:DJI||DOW JONES AVERAGES||32398.57||+278.29||+0.87%|
|I:COMP||NASDAQ COMPOSITE INDEX||11488.016632||+53.28||+0.47%|
Dow members Apple and Goldman Sachs paced the declines. Apple supplier Lumentum, which provides iPhone parts, cut is second-quarter forecast which pressured the stock in early trading. Apple shares fell below the $200 per share level. Goldman is on pace for the largest percent drop since June of 2016 over concerns about the firm's involvement in a Malaysian investment fund gone bad and Facebook shares slid after an outage hit the social media giant for about 30 minutes.
|GS||THE GOLDMAN SACHS GROUP INC.||314.90||+0.95||+0.30%|
|FB||META PLATFORMS INC.||183.83||+2.55||+1.41%|
General Electric continued its slide as well, falling nearly 7 percent closing below the $8 per share level, as investor concerns grow that the battered industrial icon may not be able to right the ship anytime soon due to mounting debt and its weak power business. In an interview with CNBC, new CEO Larry Culp, said there is an "urgency" to sell assets in order to shore up capital. GE has been struggling with a turnaround for the past year, at least.
|GE||GENERAL ELECTRIC CO.||74.53||+0.01||+0.01%|
Third quarter earnings season is winding down, but there is more to come this week.
We’ll get results from three Dow companies: retailers Home Depot (Tuesday) and Walmart (Wednesday), and computer networking giant Cisco Systems (Thursday). We’ll also hear from a dozen S&P 500 firms, including a slew of big retailing names such as JC Penney, Nordstrom and Macy’s. Retailers will be closely monitored for their upcoming holiday forecasts and Black Friday promotional plans.
|HD||THE HOME DEPOT INC.||293.57||+5.65||+1.96%|
U.S. oil gave up modest gains, falling to the $59 per barrel level despite a signal by OPEC that it was mulling a production cut after oil entered a bear market last week, falling 20 percent from its high.
The bond market was closed for trading in observance of the Veterans Day holiday.
In Asian markets on Monday, China’s Shanghai Composite rose 1.2 percent.
Hong Kong’s Hang Seng closed the day up 0.1 percent.
Japan's Nikkei ended the day up 0.1 percent.
In Europe, London’s FTSE traded lower by 0.2 percent, Germany’s DAX was lower by 0.9 percent and France’s CAC declined 0.3 percent.
Ken Martin contributed to this report.