U.S. stocks fell aggressively Monday on concerns about market technicals and slowing global economic growth. The selling picked up as the session went on and the Dow Jones Industrial Average dropped the most since last October.
Tanaya Macheel and Pippa Stevens for FOX Business:
The Dow dropped 725.81 points, or 2.1%, to 33,962.04 in a broad-based rout that sent all 30 members lower. At one point during the session, the Dow was down 946 points before recovering some ground into the close. The S&P 500 fell 1.6% to 4,258.49 with energy, financial and industrial sectors as the worst performers. The tech-dominated Nasdaq Composite fell 1.1% to 14,274.98, its fifth-straight day of losses and worst losing streak since October.
The 10-year Treasury yield fell to a new five-month low of 1.17%, exacerbating fears about the slowing economy. Crude oil dropped 7%. The small-cap Russell 2000 dropped 1.5%, recovering after it briefly dropped into correction territory on an intraday basis – down more than 10% from its March high.
“You have two concerns coming together… concerns about market technicals and concerns about growth,” Mohamed El-Erian, chief economic adviser of Allianz and former co-CEO of Pimco, told CNBC’s “Squawk Box” on Monday. “That’s what all the asset classes are telling you.”
Airlines got hit as investors reassessed whether travel among consumers would live up to high expectations, with shares of Delta and American sinking about 4%. United lost 5%.
Key stocks linked to global economic growth also fell. Boeing shed 5%, and General Motors and Caterpillar dropped about 2%.
MacDailyNews Take: Apple shares held up well, considering, as investors only gave it a relatively small haircut of 2.69%.
MacDailyNews Note: Apple will report their fiscal 2021 third quarter results on Tuesday, July 27, 2021 right after market close.
As always, we will have the results for you as soon as they are released, right around 1:30pm PDT / 4:30pm EDT. Just check our homepage on that date at that time.
The company will also conduct a conference call with analysts to discuss third fiscal quarter results is scheduled for Tuesday, July 27, 2021 at 2:00pm PDT / 5:00pm EDT.
Listen to the conference call live here: apple.com/investor/earnings-call
As usual, MacDailyNews will cover the Apple Q321 conference call with live notes. Visit check our homepage on that date around 1:45 pm PDT / 4:45 pm EDT for the link.