S&P 500 drops to fresh 10-week lows below 4,300 amid tech selloff

Eren Sengezer FXStreet

Following Friday's rebound, the S&P 500 Index (SPX) opened modestly lower on Monday but came under strong bearish pressure in the last hours. As of writing, the SPX was trading at its lowest level since July 20 at 4,386, losing 1.65% on a daily basis.

Similarly, Wall Street's other main indexes are suffering heavy losses. The Dow Jones Industrial Average (DJIA) is down 1.3% at 33,888 and the Nasdaq Composite (IXIC) is falling 2.6% at 14,189.

The sharp decline witnessed in major technology shares seems to be weighing on the IXIC. Currently, Twitter Inc stock is losing 6.5% on the day and Facebook is falling 5.6%. Reports revealing a global outage in Facebook's biggest apps, Instagram and WhatsApp, also play a big role in the stocks dismal performance on Monday.

Among the other top decliner, NVIDIA Corp, Synopsys Inc and Dexcom Inc shares are down between 4.8% and 5%.

On the other hand, rising oil prices are providing a boost to energy stocks. Devon Energy Corp is the top performer of the day, rising nearly 6%. Additionally, Halliburton Co, Diamondback Energy Inc and Marathon Oil Corp shares gain more than 4%.

S&P 500 chart (daily)

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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