U.S. stocks fell Monday as investors grew nervous following President Donald Trump imposed a travel ban on seven Muslim-majority countries. Energy companies, which have surged over the last year, took the biggest losses.
Airlines skidded after Trump’s executive order led to protests and disruption at airports and concerns about travel. Big-name technology companies sagged on concerns that future administration moves will make it harder for them to hire workers.
Investors took sold shares of basic materials and industrial companies, which rallied after the November election.
Sameer Samana, strategist for Wells Fargo Investment Institute, said investors are not overly alarmed by the news of the travel ban, but aren’t sure what to make of it, either.
“It’s very difficult to figure out exactly what implications it has for the economy and for markets,” he said.
The Dow Jones industrial average fell 122.65 points, or 0.6 percent, to 19,971.13. It dropped as much as 223 points in the morning. The Standard & Poor’s 500 index lost 13.79 points, or 0.6 percent, to 2,280.90.
The Nasdaq composite dropped 47.07 points, or 0.8 percent, to 5,613.71 after it closed at an all-time high Friday. Small-company stocks were hit harder. The Russell 2000 index shed 18.37 points, or 1.3 percent, to 1,352.33.