Shutterstock photo
Markets

U.S. stocks drop on U.S. data, small-cap rout; Dow falls 0.62%

Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - U.S. stocks fell on Monday after existing U.S. home sales numbers disappointed investors, while a selloff in small-cap stocks sent broader indices falling as well.

At the close of U.S. trading, the Dow 30 fell 0.62%, the S&P 500 index fell 0.80%, while the NASDAQ Composite index fell 1.14%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was up 13.05% at 13.69.

The National Association of Realtors reported earlier that existing home sales in the U.S. unexpectedly fell 1.8% to an annual unit rate of 5.05 million in August. Analysts had expected existing home sales to rise 1% to 5.20 million units.

The numbers sent U.S. stock prices falling on Monday in a selloff led by plunging small-cap stocks, which investors viewed as underperforming.

Elsewhere, stocks took a hit after China ruled out implementing more stimulus programs to shore up its economy.

Soft economic indicators in the world's second-largest economy had many betting China would unveil fresh stimulus measures to boost growth.

In company news, Apple Inc (NASDAQ:AAPL) stocks applauded reports its new iPhone saw sales top 10 million over the weekend.

Elsewhere, Bank of America Merrill Lynch and Sanford Bernstein downgraded Yahoo! Inc (NASDAQ:YHOO) after Chinese e-commerce giant Alibaba Group Holdings Ltd (NYSE:BABA) went public on Friday, while Germany's Siemens said it would buy oilfield-equipment maker Dresser-Rand Group Inc (NYSE:DRC) Group for $7.6 billion.

Apple owns 23% of Alibaba.

Leading Dow Jones Industrial Average performers included Coca-Cola Enterprises Inc (NYSE:CCE), up 0.46%, Procter & Gamble Company (NYSE:PG), up 0.41%, and Dupont Fabros Technology Inc (NYSE:DFT), up 0.34%.

The Dow Jones Industrial Average's worst performers included United Technologies Corporation (NYSE:UTX), down 1.80%, Caterpillar Inc (NYSE:CAT), down 1.57%, and Walt Disney, down 1.32%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the Euro Stoxx 50 fell 0.51%, France's CAC 40 fell 0.42%, while Germany's DAX 30 fell 0.51%. Meanwhile, in the U.K. the FTSE 100 fell 0.94%.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com apps for Android and iOS!

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx