Dow, S&P 500, Nasdaq Drop with Tesla, Rivian, Lucid among Key Movers
The stock market faced challenges on Monday, with major indices experiencing declines. The Dow Jones Industrial Average fell by 305 points, or 0.6%. Meanwhile, the S&P 500 dipped by 0.5%, with 357 of its constituents declining on the day. The Nasdaq Composite also decreased, down 0.3%. In contrast, technology stocks managed to display resilience amidst the broader market downturn.
Sector Performance Overview
Most sectors suffered losses, particularly health care, energy, materials, consumer discretionary, and communication services, all of which dropped over 1%. The tech sector, however, marked a notable exception, driven primarily by companies like Nvidia and Microsoft.
Key Stock Movers
- Nvidia: Up 2.7%
- Microsoft: Up 1.5%
- Alphabet: Down 3%
- Tesla: Down 3.6%
- Apple: Down 0.5%
- Meta: Down 0.7%
- Amazon.com: Down 0.9%
Among the “Magnificent Seven,” only Nvidia and Microsoft showed gains, while the others struggled. This divide highlights the varying fortunes within the tech community.
Market Dynamics
Despite the declines, small-cap stocks demonstrated some strength, with the Russell 2000 index rising by 0.1%. Momentum and risk-based strategies emerged as the better-performing approaches during this turbulent trading day.
The market rally seems to have paused as the S&P 500 neared its closing high from October 28. Investors will be watching closely to see if this trend continues or reverses in the coming days.
