Technology companies led a broad slide for stocks on Wall Street Monday, handing the market a downbeat start to the month after notching strong gains in November.
Industrial, communication services and financial stocks also accounted for a big share of the sell-off. Energy stocks notched the biggest gain, aided by a 1.4% increase in the price of U.S. crude oil. Bond yields rose.
The Nasdaq lost 97.48 points, or 1.1%, to 8,567.99. The Russell 2000 index of smaller-company stocks gave up 16.92 points, or 1%, to 1,607.58.The stumbling start to December is a departure from the market’s strong performance last month. The S&P 500 closed out November with its best monthly gain since June. Last week also marked the benchmark index’s seventh weekly gain in eight weeks.
The law, signed last Wednesday by President Trump, mandates sanctions on Chinese and Hong Kong officials who carry out human rights abuses and requires an annual review of the favorable trade status that Washington grants Hong Kong. Home builders fell broadly after the government report showing that spending on construction projects declined unexpectedly in October. Hovnanian Enterprises slumped 6.9%.
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