Stocks were firmly lower Monday. The Dow dropped 602 points to 25,387, while the S&P 500 lost 54 points to 2,726. The Nasdaq Composite was down 206 points to 7,200, erasing this month’s gains.
The major averages retreated as Tech weakness resumed and the U.S. dollar jumped amid continued political uncertainty in Europe. The Information Technology sector slumped 3.5%, led by a 5.0% slide in Apple shares to $194.17. A key Apple supplier cut its guidance Monday, leading to analyst speculation that iPhone production in the fourth quarter may be lower than expected.
10 of 11 S&P 500 sectors finished in negative territory with Real Estate the sole advancer. Consumer Discretionary lagged with Amazon losing 4.4% to $1,636.85. Financials also underperformed. Goldman Sachs fell 7.5% to $206.05, its worst session in seven years, amid scrutiny surrounding a Malaysian government scandal.
Breadth was negative on issues by 4:1 on both the NYSE and Nasdaq. Composite NYSE volume was more than 3.6 billion shares.
There were no economic releases, and the U.S. fixed income markets were closed in observance of Veterans Day. The U.S. dollar jumped another 0.6% on the session to its highest level since mid-2017 as uncertainty over Brexit negotiations and the Italian budget sent the euro tumbling. In commodities, oil extended its record losing streak to 11 days, reversing earlier gains. WTI crude slumped 2.3% to $58.80/barrel despite OPEC announcing it may implement supply cuts to stabilize prices. COMEX gold dipped 0.6% to $1,201.20 amid the strengthening dollar.