U.S. stocks fell in midday trading on Monday, with major technology stocks among the biggest drags as the latest round of tariffs on U.S. and Chinese goods took effect.
The Dow Jones Industrial Average fell 156 points, or 0.6%, to 26,589. The blue-chip average closed at a record on Friday. The S&P 500 lost 12 points to 2,918, a decline of 0.4%. The Nasdaq Composite Index shed 35 points to 7,952, a drop of 0.4%. The Nasdaq recovered more than half of its initial drop.
Technology stocks were among the biggest decliners, falling 0.9%. The consumer-discretionary sector—which includes such names as Amazon and Netflix—fell 1.1%.
Among the technology stocks weighing on the broader market, Microsoft Corp. fell 1.5% while Google-parent Alphabet Inc. lost 1%. Separately, Amazon.com fell 1.3%.
Sirius XM Holdings Inc. agreed to buy Pandora in a stock deal valued at $3.5 billion. Shares of Pandora jumped 8.8% while Sirius fell 2.7%.
Bucking the trend was the energy sector, which surged 1.6% on the back of higher oil prices. The group was on track for its best session since June.
On the economic data front, the Chicago Fed’s national activity index came in at 0.18 in August, unchanged with the previous month.
Crude-oil prices gained 1.7%, with Brent-crude futures up 2.2%, trading near their highest level in more than three years. The rise came as major energy producers declined to commit to increasing crude output to address expected supply disruptions at a closely watched producer meeting.
The November crude contract was up $1.39 (U.S.) at $72.17 (U.S.) per barrel and the November natural gas contract was up 5.5 cents at $3.03 (U.S.) per mmBTU.
The benchmark 10-year Treasury note yield traded at 3.072 percent on Monday.
This article provided by NewsEdge.