Dow Begins Week Down As Tech Shares Drag


Share on facebook
Share on twitter
Share on linkedin

Persistent weakness in technology stocks kept the major indexes under pressure on Monday after last week’s hotter-than-expected inflation readings sparked a downturn in equity markets.

The Dow Jones Industrial Average fell 60 points, as Home Depot and Boeing weighed on the blue-chip index. The S&P 500 lost 0.3% as the tech sector pulled back more than 1%. The Nasdaq Composite fell 0.7%.

Big Tech quickly came under pressure to start the week, with Apple and Facebook each down 0.8%, Netflix down 1% and Google-parent Alphabet shedding 0.6%. Traders have punished the technology sector in recent weeks amid a broader shift out of growth stocks and into cyclical, reopening trades in energy, financials and materials.

Communication services stocks Discovery and AT&T bucked that trend, both up on news of a merger agreement. AT&T announced Monday that it is in advanced talks to merge WarnerMedia, which includes HBO, with Discovery. The new entity will trade as its own public company.

You might like:

Stories You May Like