Investing.com -- U.S. stocks fell broadly on Monday suffering their worst one-day loss since late-September, as disappointing Chinese trade data provided fresh concerns of an extended slowdown on the global economy.
The Dow Jones Industrial Average and NASDAQ Composite index each tumbled by at least 1% in Monday's session, while the S&P 500 Composite index also fell sharply on a bearish day for the major indices. The Dow fell 179.85 or 1.00% to 17,730.48, turning negative for the year, while the NASDAQ lost 51.82 or 1.01% to close at 5,095.30, amid losses in pharmaceutical and tech stocks.
The S&P 500, meanwhile, fell 20.62 or 0.98% to 2,078.58, as nine of 10 sectors closed in the red. Stocks in the Energy, Consumer Services and Technology sectors lagged, each falling by more than 1% on the session. Stocks in the Utilities industries led.
Investors also continued to digest a robust October jobs report from last Friday when the U.S. Department of Labor reported that non farm payrolls surged by 271,000 last month. The optimistic report strengthens hawkish arguments for an interest rate hike by the Federal Open Market Committee when it meets next on Dec. 15-16.
The top performer on the Dow was EI du Pont de Nemours and Company (N:DD) which gained 0.61 or 0.92% to 66.72. DuPont (N:DD) finished just above Walt Disney Company (N:DIS), which gained more than 0.75% after announcing that its Star Wars Land exhibit will open at Disneyland and Hollywood Studios early next month. The worst performer was Exxon Mobil Corporation (N:XOM) which lost 2.33 or 2.76% to close at 82.14, after U.S. crude futures slumped below $44 for the first time in more than a week.
The biggest gainer on the NASDAQ was Incyte Corporation (O:INCY), which rallied 5.86 or 5.85% to 106.07. Incyte shares rebounded from a massive sell-off last week, when results from an early trial for its combination drug for cancer treatment indicated that it helped patients at lower rates than previous data showed. The worst performer was Priceline.com Incorporated (O:PCLN) which plummeted 139.01 or 9.59% to 1,310.89, after offering a weak outlook in its third quarter results on Monday.
The top performer on the S&P 500 was Plum Creek Timber Company Inc (N:PCL), which surged 6.97 or 17.30% to 47.26 after it merged with Weyerhaeuser to create a $23 billion timber company, the largest in the U.S. The worst performer was Mallinckrodt (N:MNK), which plunged 12.20 or 17.46% to close at 57.69. Earlier on Monday, short-seller Citron Research said the Dublin-based pharmaceutical company had "significantly more downside" than rival Valeant Pharmaceutical and is "a far worse offender" of the drug reimbursement system. Last month, Valeant shares tumbled after Citron accused it of engaging in a pattern of manipulative transactions in order to bolster its drug sales.
On the New York Stock Exchange, declining issues outnumbered advancing ones by a 2,489 to 638 margin.