Stocks fell to session lows on Monday as investors found little reason to buy with no good news to turn around sentiment since Friday's big selloff.
The S&P 500 was down 2.1%, the Dow Jones Industrial Average slid 2.1%, and the Nasdaq fell 2.7%.
U.S. stocks on Friday ended lower in a brutal end to the week as equities entered another tailspin on a laundry list of worries. Whether it was oil, the health of the U.S. economy, or a series of weaker earnings across a number of sectors, investors had more than enough to push them into panic mode. A number of disappointing earnings in tech, including Apple (AAPL) and LinkedIn (LNKD) , have pressured the sector.
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High-momentum tech stocks were among the worst performers on Monday. Industry giants Amazon (AMZN) , Microsoft (MSFT) and Alphabet (GOOGL) traded lower, while the Technology Select Sector SPDR ETF (XLK) slid 2.5%.
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"The bottom line is even after Friday's selloff, the market is vulnerable to another period of heightened volatility, following a negative reaction to Friday's employment data, standard expiration less than two weeks away, and the CBOE Market Volatility Index ... pushing higher near the 23.90 area -- double last year's low," Todd Salamone, senior vice president of research at Schaeffer's Investment Research, wrote in a note.