Investing.com - U.S. stocks slipped lower into the close Monday, as weakness in the euro zone and global slowdown worries weighed on equities.
At the close of U.S. trade, the Dow Jones Industrial Average fell 0.15%, the S&P 500 index dropped 0.22%, while the Nasdaq Composite index declined 0.60%.
Launching the equity selloff, a report showed that Germany’s Ifo business confidence index deteriorated to the lowest level since March 2010 this month.
Markets were also jittery as Madrid is to present its draft budget for next year and announce structural reforms on Thursday, while the results of bank stress tests are due on Friday. In addition, ratings agency Moody’s is expected to complete a ratings review on Spain later this week.
Over the weekend, Spain’s economy minister said the country would not rush to seek external financial aid, as pressure mounted on Spain to seek a bailout.
Apple was on the dowside, with shares tumbling 1.10% after Foxconn Technology, which assembles Apple's iPhones and makes components for top global electronics companies, closed a plant in China as a riot involving about 2,000 workers broke out over the weekend.
The tech giant also reported that it sold more than five million iPhone 5 units in its first weekend.
Elsewhere in the tech sector, Dell dropped 0.53% and H-P lost 1.25% after Evercore cut its price targets on both tech companies to USD12 from USD14 and USD18 from USD19, respectively.
Social media giant Facebook also contributed to losses, with shares plumging 5.95% after Barron's said the company's shares are worth only USD15.
Among earnings, Lennar plummeted 1.95%, even as it posted earnings that beat expectations and announced orders rose for the sixth-consecutive quarter.
In the financial sector, U.S. lenders tracked their global counterparts lower. Shares in Goldman Sachs dropped 0.75% and Citigroup declined 0.65%, while Bank of America edged down 0.11%. JP Morgan outperformed its pairs on the other hand, with shares rising 0.24%.
Meanwhile, concerns over Greece persisted as Athens prepared to present a package of spending cuts demand by international lenders to euro zone officials at the end of this week, amid fears that the country’s budget shortfall could be larger than expected.
At the close of European trade, the EURO STOXX 50 tumbled 0.74%, France’s CAC 40 plumged 0.95%, while Germany’s DAX 30 gave back 0.52%.
Traders are awaiting the U.S. consumer confidence numbers and a talk by ECB President Mario Draghi on Tuesday.
At the close of U.S. trade, the Dow Jones Industrial Average fell 0.15%, the S&P 500 index dropped 0.22%, while the Nasdaq Composite index declined 0.60%.
Launching the equity selloff, a report showed that Germany’s Ifo business confidence index deteriorated to the lowest level since March 2010 this month.
Markets were also jittery as Madrid is to present its draft budget for next year and announce structural reforms on Thursday, while the results of bank stress tests are due on Friday. In addition, ratings agency Moody’s is expected to complete a ratings review on Spain later this week.
Over the weekend, Spain’s economy minister said the country would not rush to seek external financial aid, as pressure mounted on Spain to seek a bailout.
Apple was on the dowside, with shares tumbling 1.10% after Foxconn Technology, which assembles Apple's iPhones and makes components for top global electronics companies, closed a plant in China as a riot involving about 2,000 workers broke out over the weekend.
The tech giant also reported that it sold more than five million iPhone 5 units in its first weekend.
Elsewhere in the tech sector, Dell dropped 0.53% and H-P lost 1.25% after Evercore cut its price targets on both tech companies to USD12 from USD14 and USD18 from USD19, respectively.
Social media giant Facebook also contributed to losses, with shares plumging 5.95% after Barron's said the company's shares are worth only USD15.
Among earnings, Lennar plummeted 1.95%, even as it posted earnings that beat expectations and announced orders rose for the sixth-consecutive quarter.
In the financial sector, U.S. lenders tracked their global counterparts lower. Shares in Goldman Sachs dropped 0.75% and Citigroup declined 0.65%, while Bank of America edged down 0.11%. JP Morgan outperformed its pairs on the other hand, with shares rising 0.24%.
Meanwhile, concerns over Greece persisted as Athens prepared to present a package of spending cuts demand by international lenders to euro zone officials at the end of this week, amid fears that the country’s budget shortfall could be larger than expected.
At the close of European trade, the EURO STOXX 50 tumbled 0.74%, France’s CAC 40 plumged 0.95%, while Germany’s DAX 30 gave back 0.52%.
Traders are awaiting the U.S. consumer confidence numbers and a talk by ECB President Mario Draghi on Tuesday.