A reversal in the recent rallies in technology stocks and precious metals was the main culprit in Monday’s stock market slide.
The S&P 500 was down 0.3% on a day when roughly half the stocks in the index were trading higher. The Nasdaq Composite was down 0.5%, while the Dow was down 210 points, or 0.4%.
The big losers in the S&P were Newmont, Sandisk, Albermarle, AppLovin, Freeport-McMoRan, Norwegian Cruise Line Holdings, and Tesla.
At the sector level, materials were down 1.3% as silver and gold pulled back sharply from recent highs. The consumer discretionary and tech sectors were both down 0.6%, followed by financials, communication services, and industrials.
The iShares Silver Trust was down 9.6%, on track for its largest percent decrease since Aug. 11, 2020, according to Dow Jones Market Data.
Energy rallied 0.9% with WTI crude oil futures up 2.5% in the wake of the meeting between President Donald Trump and Ukraine’s leader Volodymyr Zelensky.
“Geopolitically, markets were hopeful that the Trump/Zelensky meeting over the weekend would yield a formal agreement, but it did not (just more ‘progress’),” writes Sevens Report Research’s Tom Essaye.