After moving mostly higher early in the session, stocks pulled back over the course of the trading day on Monday. With the downturn on the day, the major averages are adding to the losses posted last Friday. The Dow Jones industrials were down 0.5 percent, the S&P lost 0.4 percent and the Nasdaq was 0.25 percent lower on the day. Global contagion of market jitters arising from the plunge of Turkey currency spread to the US ?financial stocks bore the brunt of the concerns over Turkey.
A pledge by the Central Bank of Turkey to stabilize the falling lira failed to quell investor worries. The currency remained under pressure, having dropped 40 percent against the US dollar so far this year. The downturn by stocks reflected lingering concerns about the Turkish economy and the recent sell-off by the country's currency. The Turkish lira hit a new record low against the US dollar in Asian trading before regaining some ground after Turkey's central bank took measures to boost liquidity in the foreign exchange market.
Citigroup, Bank of America, Wells Fargo and JPMorgan Chase all retreated. Apple helped the tech sector advance, its shares hitting an all-time high. Amazon.com also hit a record high. Netflix declined after it announced the departure of Chief Financial Officer David Wells. Harley-Davidson was lower after President Donald Trump tweeted support for a boycott against the company. Rite Aid declined to more than a five-year low, extending its losses after the retail drugstore chain ended its Albertsons merger.
Tesla advanced after Chief Executive Elon Musk said he is in discussions with Saudi Arabia sovereign wealth fund and other potential backers of his plan to take the electric car-maker private, but he said financing has not been nailed down yet. Nielsen Holdings jumped after activist hedge fund Elliott Management disclosed it had taken a stake in the media and consumer research company.
These data reflect observations at 4:00 PM US ET. Gold was down US$18.60 to US$1,200.40. Copper futures were down 0.42 percent to US$2.73. WTI spot crude was down 31 US cents to US$67.32. Dated Brent spot crude was down 5 US cents to US$72.76. The US dollar was up against the euro, pound and the Canadian and Australian dollars. It retreated against the yen and Swiss franc. The Dollar Index was up 0.13 percent. The yield on the US Treasury 30 year bond was up 1 basis point to 3.04 percent. The 10 year note was also up 1 basis point at 2.88 percent.