U.S. stocks finished lower on Monday, led by the tech-heavy Nasdaq, as investors grappled with the prospect of increased regulatory scrutiny over U.S. tech giants.
The S&P 500 fell 0.3% to finish around 2,744. The Nasdaq Composite tumbled 1.6% to end near 7,333. The Dow Jones Industrial Average picked up 5 points to finish around 24,820, based on preliminary numbers.
The Nasdaq Composite ended in correction territory, commonly defined as when a benchmark closes at least more than 10% from a recent peak.
Shares of Google fell 6.6% after a report said the Justice Department would look into the company for possible breaches of antitrust law. Shares of Facebook Inc. also fell 7.8% following reports that the Federal Trade Commission secured the rights to investigate Facebook for antitrust violations.
The bond-market reflected the growing fears that the U.S's broadening trade spat could push the economy to the brink of a recession. The 10-year Treasury note yield fell to 2.07%, carving out a fresh 21-month low. Bond prices rise when yields fall.
Source : Market Watch