Yahoo Finance Stocks: S&P 500 closes below 5,100, Nasdaq and Dow slide
Stock market indexes (^DJI, ^IXIC, ^GSPC) close Monday's trading session in the red as investors consider the impacts of major geopolitical conflicts around the world, including whether Israel will launch a counterattack against Iran.
Market Domination Overtime co-host Julie Hyman outlines the across-the-board losses for the market and all sectors.
For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.
This post was written by Luke Carberry Mogan.
Video transcript
[BELL RINGING]
JULIE HYMAN: There's the closing bell on Wall Street. And now it is market domination over time. We're getting you up to speed on the action from today's session. Let's start with the major averages here. So we've got the Dow down about a half a percent, near the lows of the session. We were on watch here to see if it was still going to stay in the green for the year to date, and for now it has but not by much, only up about a tenth of 1% for 2024 as of right now.
The S&P 500 down 1.2% on the session, and the NASDAQ down 1.8% on the session. Now, we've been talking about the catalysts that have been driving stocks lower. A lot of it had to do with headlines around Israel that came out of early afternoon, that sent stocks to their lows of the day, raising concerns about a widening of the conflict in the region.
But even before that, we were looking at a hot retail sales number that drove yields up. And so that's something also putting pressure on stocks. Now, as we look at the sectors here, pretty broad-based sell off that we saw, with tech leading the declines, the XLK, that is the tech sector ETF. Real estate as well though also declining, because of that increase in yields. Then we've got consumer discretionary and communication services. So big sell off there.
Quickly, just to look at some of the losers in the NASDAQ 100 today. All of the so-called one-time Magnificent Sevens are down, with Tesla, as we've been talking about, down sharply in particular, on the news not only of layoffs, but also of the departure of two key executives from the company. That was unexpected by the street, the shares down 5.5%.
