Stocks Slump as Biotech Sector Drags Nasdaq From Records

Stock losses escalated in the closing minutes of Monday's session. The S&P 500 and Nasdaq backed off of all-time highs on Monday as a selloff among biotech stocks weighed on markets. Wall Street was also jittery ahead of the Federal Reserve's monthly two-day meeting which kicks off Tuesday. Mylan (MYL) was the worst performer on the Nasdaq and sparked a biotech selloff after its board unanimously rejected a $40 billion offer from Teva Pharmaceuticals (TEVA). Tesla (TSLA) brought some bounce to the Nasdaq though, topping the index ahead of a scheduled presentation on Thursday. The company is expected to unveil new batteries for use in the home energy market.