NEW YORK (TheStreet) -- The tech-heavy Nasdaq fell from record highs on Monday as U.S. stocks were led lower by weaker Black Friday sales and troubling data from China that confirmed a manufacturing slowdown.
Apple (AAPL) and Tesla (TSLA) dropped 3.1% and 6.1%, respectively, caught up in volatile trading. Amazon (AMZN) was also dragging on the Nasdaq, down 3.1%, after filing to sell four tranches of senior unsecured notes, prompting an outlook downgrade to "negative" from Moody's.
Though off session lows, the S&P 500 remained 0.56% lower, while the Dow Jones Industrial Average slipped 0.15%.
Fewer consumers turned out for the deep discounts over the Thanksgiving weekend with total sales down 11% to $50.9 billion, according to the National Retail Federation. Total shopper turnout for the weekend missed estimates by 6 million people. On the upside, online shopping jumped 15% over the year-earlier period, a strong sign for Cyber Monday.
"It may be Black Friday fatigue. Some of the broader consumer trends remain fairly robust," said David Bechtel, principal of Barrow Funds, in a call. "By the same token, domestically we have ever-increasing levels of debt. The amount of private sector and government sector debt outstanding today is far above the levels that existed prior to the financial crisis. At some level that's going to restrain further consumer spending."