U.S. equities ended the trading day in negative territory on Monday, with the selling concentrated in Financials, Consumer Services and Industrials. The Dow Jones Industrial Average bore the brunt of the weakness, closing down 1.66% at a new one-month low. The S&P 500 retreated 1.04%, and the Nasdaq Composite fell 1.13%.
On the Dow, consumer staples heavyweight Procter & Gamble Company (NYSE:PG) bucked the trend, finishing up 2.73% to close at 165.17. Walmart Inc (NASDAQ:WMT) also advanced, adding 2.29% to end the session at 125.81, while McDonald’s Corporation (NYSE:MCD) rose 1.62% to 334.56 by the close.
At the other end of the index, International Business Machines (NYSE:IBM) recorded a sharp decline, sliding 13.13% to finish at 223.39. American Express Company (NYSE:AXP) lost 7.20%, closing at 321.24, and Visa Inc Class A (NYSE:V) declined 4.50% to 306.52.
The S&P 500 saw several notable winners. PayPal Holdings Inc (NASDAQ:PYPL) led gains with a 5.81% rise to 44.07. Albemarle Corp (NYSE:ALB) climbed 5.40% to settle at 177.52, and Akamai Technologies Inc (NASDAQ:AKAM) gained 4.87% to close at 98.76. Conversely, International Business Machines (NYSE:IBM) was the biggest loser on the S&P 500, down 13.13% to 223.39, followed by CrowdStrike Holdings Inc (NASDAQ:CRWD), which dropped 9.88% to 350.22, and Zebra Technologies Corporation (NASDAQ:ZBRA), off 9.43% to 231.33.
Trading on the Nasdaq produced outsized moves in several small-cap and biotech names. Arcellx Inc (NASDAQ:ACLX) surged 77.44% to 113.76, Tian Ruixiang Holdings Ltd (NASDAQ:TIRX) jumped 72.73% to 0.08, and Klotho Neuroscience Inc (NASDAQ:KLTO) rose 62.56% to 0.41. On the downside, Gossamer Bio Inc (NASDAQ:GOSS) plunged 80.13% to 0.42, United Homes Group Inc (NASDAQ:UHG) dropped 51.68% to 1.15, and Blue Hat Interactive Entertainment (NASDAQ:BHAT) declined 41.77% to 0.07.
Market breadth was tilted to the downside. On the New York Stock Exchange, decliners outnumbered advancers by 2,002 to 749, with 70 stocks unchanged. Nasdaq breadth showed 2,379 stocks lower, 983 higher, and 192 unchanged.
Several individual stock milestones were recorded in the session. McDonald’s Corporation (NYSE:MCD) rose to an all-time high, closing at 334.56. Visa Inc Class A (NYSE:V) dropped to a 52-week low of 306.52. On the Nasdaq, Arcellx Inc (NASDAQ:ACLX) reached an all-time high at 113.76, while Gossamer Bio Inc (NASDAQ:GOSS) and Blue Hat Interactive Entertainment (NASDAQ:BHAT) fell to all-time lows at 0.42 and 0.07, respectively.
Volatility measures and commodities saw movement alongside equities. The CBOE Volatility Index (VIX), which tracks implied volatility on S&P 500 options, was up 10.06% to 21.01. Gold futures for April delivery rose 3.27%, an increase of 166.15 to settle at 5,247.05 per troy ounce. In energy markets, April crude oil fell 0.12% to $66.40 per barrel, while the May Brent contract slipped 0.14% to $71.20 per barrel.
In currencies, the euro-dollar pair (EUR/USD) was essentially unchanged, moving 0.04% to 1.18, while the dollar-yen rate (USD/JPY) declined 0.20% to 154.76. The US Dollar Index Futures fell 0.08% to 97.66.
Market context
Monday’s session closed with broad weakness across major U.S. indices and sectors, highlighted by outsized declines in certain large-cap financial and technology names, and pronounced moves in small-cap and specialty stocks on the Nasdaq. Volatility rose as measured by the VIX, and investors also adjusted positions in commodities and currencies.
What to watch next
- Whether breadth improves or deteriorates in subsequent sessions, given the negative close on both exchanges.
- Price action in key large-cap financials and consumer services names that led declines today.
- Volatility trends as indicated by the VIX and flows into safe-haven assets such as gold.