- US stocks fell from record highs on Monday amid a steep sell-off in commodity prices.
- The selling came after Goldman Sachs lowered its economic growth outlook for China.
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US stocks were mixed on Monday, with the S&P 500 falling from record highs as the Nasdaq Composite edged higher.
The move on came amid a steep sell-off in commodity prices that was sparked by economic growth concerns. Meanwhile, investors mulled the continued progress of a $1 trillion US infrastructure bill.
Oil prices fell as much as 5% to around $65 per barrel on Monday, representing a decline of 13% from last months high of $75. The decline in oil prices came after Goldman Sachs lowered its economic growth forecast for China.
Goldman said the spread of the Delta variant of COVID-19 in China represents a challenge for the country due to low vaccination rates. The bank lowered its third-quarter China GDP forecast to 2.3% from 5.8% in a Monday note.
Here's where US indexes stood at the 4 p.m. ET close on Monday:
- S&P 500: 4,432.35, down 0.1%
- Dow Jones Industrial Average: 35,101.85, down 0.3% (107 points)
- Nasdaq Composite: 14,860.18, up 0.2%
Bitcoin jumped as much as 6% on Monday, helping it clear a key technical resistance level at the 200-day moving average. This suggests there's more upside ahead, according to technical analysts.
Moderna jumped as much as 19%, making it bigger than Merck, as the company saw a flood of positive news suggesting its COVID-19 vaccine will experience continued strong demand.
Warren Buffett's Berkshire Hathaway reported second quarter earnings results over the weekend, showing growth of 21% amid strength from its railroad business. Here are five key takeaways from the report.
TikTok parent ByteDance is targeting a Hong Kong IPO in late 2021 or early 2022, according to a Financial Times report. The move would come amid increased regulatory scrutiny from Beijing.
Richard Branson's Virgin Atlantic is planning to go public on the London stock market as it bets on pent-up demand for air travel, according to Sky News.
Oil prices slid. West Texas Intermediate crude was down as much as 4.6%, to $65.15 per barrel. Brent crude, oil's international benchmark, fell 4.4%, to $67.60 per barrel, at intraday lows.
Gold fell as much as 4%, to $1,690.61 per ounce.