landsberg bennettStocks finished firmly lower Monday. The Dow lost 208 points to 24,528 while the S&P 500 slipped 20 points to 2,643. The Nasdaq composite fell 79 points to 7,085.

The major averages declined as cautious guidance updates from bellwether companies in the Industrial and Tech sectors renewed concerns of slowing global growth. Geopolitics remained in focus as Chinese leaders are scheduled to arrive in Washington for a new round of trade talks later this week. On the data front, an update from the Chicago Fed showed an increase of national manufacturing activity in December. Meanwhile, manufacturing activity in the Dallas Fed region unexpectedly increased in the current month. In central banks news, the Federal Reserve is set to kick off its two-day policy meeting Tuesday.

Nine of 11 S&P 500 sectors ended in negative territory. The Information Technology group led decliners with NVIDIA slipping 13.8% to $138.01 after the chipmaker lowered its fourth quarter guidance citing a slowdown in demand from China. The Communications Services sector also underperformed with Alphabet losing 2.0% to $1,079.86. Industrials were broadly lower as Caterpillar fell 9.1% to $124.37 after the heavy machinery manufacturer fell short of earnings estimates and lowered its full-year forecast.

Breadth was negative on issues by 3:2 on the NYSE and by 7:4 on the Nasdaq. Composite NYSE Volume was more than 3.5 billion shares.

Treasuries strengthened with the yield on the 10-year falling one basis point to 2.74%. In commodities, WTI crude lost 2.8% to $52.17/barrel. COMEX gold added 0.3% to $1,302.40/ounce despite a slightly stronger dollar.