- U.S. stocks fell on Monday, extending the previous session’s steep sell-off, hit by worries of a slowdown in global economic growth.
Weak factory data from the United States, Europe and Japan on Friday led to the inversion of U.S. Treasury yield curve for the first time since 2007, fueling fears of a global economic downturn. “The market was over-sold on Friday because of slowing growth across the world and we are seeing some of that spill over to today,” said Marc Pfeffer, chief investment strategist at CLS Investments in New York.
In a bright spot, the consumer discretionary sector rose 0.31 percent, supported by gains in Home Depot Inc and Amazon.com Inc. At 12:45 p.m. ET the Dow Jones Industrial Average was down 58.06 points, or 0.23 percent, at 25,444.26. The S&P 500 was down 7.96 points, or 0.28 percent, at 2,792.75 and the Nasdaq Composite was down 27.62 points, or 0.36 percent, at 7,615.05.
Akamai Technologies fell 3.5 percent, the most on the S&P, after a report that brokerage Deutsche Bank had downgraded the stock to “sell” from “hold”.
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