landsberg bennettStocks finished lower Monday. The Dow fell 245 points to 24442, while the S&P 500 declined 17 points to 2641. The Nasdaq Composite lost 116 points to 7050.

The major averages gave up early session gains amid a resurgence of trade concerns. A Bloomberg report signaled the Trump administration could announce tariffs on all remaining Chinese imports if nothing comes from next month’s trade discussions between President Trump and Chinese President Xi Jinping.

On the data front, the core PCE Deflator, the Fed’s preferred proxy of inflation, increased 2% year-over-year in September, in line with the central bank’s target. A separate report showed personal spending advanced for the seventh consecutive month, up 0.4% in September. However, personal income rose at the slowest pace since June 2017 during that same period.

Six of 11 S&P 500 sectors closed in negative territory with Tech shares and Industrials leading decliners. The oft-cited “FAANG” group weighed on the market, with Amazon falling 6.3% to $1,538.88 and Netflix losing 5.0% to $284.97. Boeing weighed on the Dow, dropping 6.6% to $335.59. In M&A news, Red Hat surged 45.4% to $169.63 after IBM announced it acquired the software provider for $34 billion.

Breadth was negative on issues by 4:3 on the NYSE and 3:2 on the Nasdaq. Composite NYSE volume was more than 4.6 billion shares.

Treasuries were little changed with the yield on the 10-year note flat at 3.08%. In commodities, WTI crude dropped 1.5% to $66.55/barrel. COMEX gold was down 0.7% to $1,224.50/ounce amid a stronger dollar.