Cliffs Natural, Wynn Tumble on China Worries

NEW YORK ( TheStreet) - Cliffs Natural Resources ( CLF) and Caterpillar ( CAT) tumbled Monday on concerns that U.S. stocks with large operations in China will suffer as the world's second-largest economy struggles with a banking cash crunch.

Cliff, the iron ore and coal miner, lost 7.6% to $15.08 while Caterpillar, the world's biggest maker of mining equipment, was dropped 1.9% to $81.52. YUM! Brands ( YUM), owner of KFC which gets 42% of revenue from China, declined 1.3% to $68.10.

China's central bank attempted to ease concerns saying that the country has sufficient liquidity even as it called on financial institutions to curtail risky loans. The CSI 300 Index, a composite of China's largest companies, entered a bear market after plummeting 6.3%, dragging the decline from its peak this year to more than 20 percent.

Wynn Resorts ( WYNN), which depended on Macau for 74% of its revenue in 2012, plummeted 4.3% to $124.12 as Coach ( COH), the high-end retailer, fell 2.3% to $55.27. Deere & Co. ( DE) lost 1.8% to $81 as JPMorgan Chase cut its rating in the agricultural equipment maker to "underweight" from "neutral."

The MSCI Emerging Market Index was falling for a fourth consecutive day, dropping 0.9% to 900.54 to extend its loss in 2013 to 15%. The S&P 500 retreated 1.2% to 1,573.09, paring its gain for the year to 11%

Written by Leon Lazaroff in New York

If you liked this article you might like

Dow and S&P 500 Finish Higher for Sixth Straight Day of Gains

Dow and S&P 500 Finish Higher for Sixth Straight Day of Gains

Wall Street Futures Are Upbeat Ahead of Long Weekend

Wall Street Futures Are Upbeat Ahead of Long Weekend

Stocks Explode, Walmart Eyes Stake in India's Flipkart - 5 Things You Must Know

Stocks Explode, Walmart Eyes Stake in India's Flipkart - 5 Things You Must Know

Volatility Is Still in Charge: Cramer's 'Mad Money' Recap (Friday, 2/9/18)

Volatility Is Still in Charge: Cramer's 'Mad Money' Recap (Friday, 2/9/18)

Shutterfly Shares Spike on Earnings; Infrastructure Stocks on the Move -- ICYMI

Shutterfly Shares Spike on Earnings; Infrastructure Stocks on the Move -- ICYMI