Stocks were sharply lower Monday as the fallout from President Trump's travel ban on individuals from a handful of countries in the Middle East unnerved investors and upstaged upbeat consumer spending and pending home sales data.
And although travel-related stocks were taking the brunt of today's selling pressure, losses permeated every sector of the S&P 500 and resulted in losses in all but three Dow component stocks.
The executive order signed on Friday triggered an outburst of protests across the country and raised concerns of retaliatory boycotts on U.S. goods and services. Airline stocks were facing deep losses, followed by lower share prices for hotels, cruise operators, even spilling into on-line travel companies like Priceline ( PCLN ), Tripadvisor ( TRIP ) and Expedia ( EXPE ).
The reverberations from the travel ban overshadowed bullish economic data. Personal income rose 0.3% in December, missing estimates for an increase of 0.4%, but follows an upward revised 0.1% in November from 0.0%.
Consumption spending was up 0.5% last month versus the estimated 0.4%.
Pending home sales spiked 1.6% in December, more than offsetting a 2.5% decline the month prior. While the Dallas Fed manufacturing index jumped to 22.0 from 17.7 in December.
European travel stocks were also trending lower Monday, dragging the major averages into negative territory. Like their U.S. counterparts, airlines were suffering the biggest losses, specifically Air France, British Airways and Germany's Lufthansa. The Euro-Stoxx, UK FTSE and German Dax are all lower by 1% or more.
Crude oil was down $0.42 to $52.75 per barrel. Natural gas was down $0.11 to $3.25 per 1 million BTU. Gold was up $6.10 to $1,197.30 an ounce, while silver was up $0.02 to $17.15 an ounce. Copper was down $0.04 to $2.65 per pound.
Among energy ETFs, the United States Oil Fund was down 0.88% to $11.30 with the United States Natural Gas Fund was down 3.79% to $8.12. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was up 0.56% to 23.36 while SPDR Gold Shares were up 0.38% to $113.91. The iShares Silver Trust was up 0.10% to $16.24.
Here's where the markets stand at mid-day:
NYSE Composite Index was down 104.75 points (-0.93%) to 11,178.84
Dow Jones Industrial Index was down 167.08 points (-0.83%) to 19,926.64
S&P 500 was down 19.95 points (-0.87%) to 2,274.66
Nasdaq Composite Index was down 57.64 points (-1.02%) to 5,603.95
FTSE 100 was down 66.01 points (-0.92%) to 7,118.48
DAX was down 132.38 points (-1.12%) to 11,681.89
CAC 40 was down 55.34 points (-1.14%) to 4,784.64
Nikkei 225 was down 98.55 points (-0.51%) to 19,368.85
Hang Seng Index was closed
Shanghai China Composite Index was closed
NYSE SECTOR INDICES
NYSE Energy Sector Index was down 212.88 points (-1.87%) to 11,176.88
NYSE Financial Sector Index was down 71.07 points (-1.00%) to 7,066.09
NYSE Healthcare Sector Index was down 44.57 points (-0.37%) to 11,904.81
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