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Indexes fall as weak tech stocks overshadow market

Outside the New York Stock Exchange on Aug.

Outside the New York Stock Exchange on Aug. 24, 2015. Credit: AP

Technology stocks slammed into reverse on Monday, and their losses overshadowed gains in other areas of the market to send broad indexes lower.

Treasury bond prices and gold rose, meanwhile, as investors looked for safer places for their money following the latest escalation in the heated rhetoric between the United States and North Korea.

Stock markets around the world were mixed after German Chancellor Angela Merkel, the leader of Europe’s largest economy, retained her position, though her political strength may have weakened.

The Standard & Poor’s 500 index dropped 5.56 points, or 0.2 percent, to 2,496.66. The Dow Jones industrial average fell 53.50 points, or 0.2 percent, to 22,296.09, and the Nasdaq composite dropped 56.33, or 0.9 percent, to 6,370.59. Smaller stocks held up better than the rest of the market, and the small-cap Russell 2000 index rose 1.18, or 0.1 percent, to 1,451.96.

Tech stocks in the S&P 500 lost 1.4 percent. The losses were broad: Facebook fell 4.5 percent, Nvidia lost 4.5 percent and video-game developer Electronic Arts lost 3.6 percent.

Tech has done much better this year than the rest of the market. Tech stocks in the S&P 500 have jumped 23 percent in 2017, double the S&P 500’s gain.

Energy stocks, which have been the worst performers in the S&P 500 this year, had the day’s strongest gains.

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