A stock rally on Wall Street lost steam on Monday, with the Dow Jones Industrial Average losing a more than 350 point gain from earlier in the session.
The Dow Jones Industrial Average lost 215.65 points, or 0.69%, to 31,072.61 — accelerating losses in the final hour of trading and erasing a 356 point jump at one point in the day. The S&P 500 fell 0.84% to 3,830.85. The Nasdaq Composite declined 0.81% to 11,360.05
The late-day pullback follows a Bloomberg report that said Apple plans to slow hiring and spending on growth next year to deal with a possible downturn. Shares of Apple declined 2.1%.
A strong earnings report from Goldman Sachs initially buoyed stocks, following mixed results last week from banks JPMorgan Chase and Morgan Stanley, though some on Wall Street warned investors to err on the side of caution during what’s expected to be a choppy earnings season.
Meanwhile, Boeing shares dipped slightly on news that Delta Air Lines was buying 100 737 Max 10 planes. Shares of Delta jumped 3.5%.
The pan-European Stoxx 600 index gained 0.8% by the close, with basic resources climbing 3% to lead gains as most sectors and major bourses finished in positive territory.
Swedish cloud computing firm Sinch was the biggest climber, adding 17% in a partial rebound after a five-day losing streak.
Source: CNBC, Investing.com