Stocks finished lower Monday, with big tech stocks leading the decline, as investors remained cautious heading into the start of the week amid a series of headwinds to global growth.
The Dow Jones Industrial Average finished down 323 points, or 0.94%, to 33,002, while the broader S&P 500 was down 1.3%.
The Nasdaq fell 2.1%, with the benchmark 10-year note up 1.48%, as Facebook (FB) - Get Facebook, Inc. Class A Report tumbled following an interview on CBS's "60 Minutes" last night with whistleblower Frances Haugen. Twitter (TWTR) - Get Twitter, Inc. Report and Snapchat (SNAP) - Get Snap, Inc. Class A Report also fell under the weight of the allegations against Facebook.
In addition, Facebook and its Instagram and WhatsApp services were all down in a global outage from around noon Eastern.
"Three major factors are distracting investors, namely the U.S. budget deficit ceiling, soaring inflation, and supply chain/port bottlenecks," Louis Navellier, chairman, founder, and CIO of Navellier & Associates, said in his Daily Market Notes.
The U.S. seems constrained by ongoing port bottlenecks, Navellier said, which are getting worse as retailers strive to stock up on merchandise for the holidays.
"The good news is that as inflation continues to heat up and push China and other countries into a recession, the U.S. remains an oasis," he added. "The port bottlenecks and supply chain glitches persist, but at least the U.S. is not excepted to be crippled by high coal and natural gas prices that are now hindering China and much of Europe."
Merck (MRK) - Get Merck & Co., Inc. (MRK) Report shares, which ignited a solid Friday rally after it published promising data from its late-stage COVID-19 treatment trial, extended its own gains Monday on the back of a series of price target upgrades linked to an estimated $10 billion revenue boost from the antiviral drug.
General Motors (GM) - Get General Motors Company (GM) Report shares advanced after activist investor Engine No 1, the hedge fund that successfully pushed for board changes at Exxon, said its built a stake in the biggest U.S. carmaker.
Tesla (TSLA) - Get Tesla Inc Report shares rose after the clean-energy carmaker posted record third quarter deliveries of 241,300 vehicles over the weekend.
Oil prices surged again Monday ahead of today's meeting of OPEC ministers in Vienna where the cartel agreed a rollover of its 400,000 barrels per day production boost.
WTI futures for November delivery traded 2.3% higher on the session at $77.61 per barrel while Brent contracts for December, the global pricing benchmark, were 2.5% higher at $81.27 per barrel.