The S&P 500 Index ($SPX) (SPY) Monday closed down -1.76%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -1.48%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.20%. March E-mini S&P futures (ESH25) are down -1.49%, and March E-mini Nasdaq futures (NQH25) are down -1.87%.
Stock indexes gave up opening gains Monday and sold off sharply, with the S&P 500 and Dow Jones Industrials falling to 1-1/2 month lows and the Nasdaq 100 dropping to a 3-1/2 month low. Stocks fell on fears of stagflation in the US economy after manufacturing activity last month barely expanded, and the ISM prices-paid index soared to a 2-1/2 year high. Stock indexes were also under pressure on Monday due to the weakness in the Magnificent Seven technology stocks. Nvidia sank more than -8%, Amazon.com and Tesla fell more than -3%, and Microsoft, Apple, and Alphabet dropped more than 2%.
