Stocks Are Falling (AAPL, DIA, QQQ, SPY, BABA)
Stocks are falling to start December.
In late morning trade on Monday, the Dow was down 54 points, the S&P 500 was down 15 points, while the Nasdaq was logging the largest losses, falling 60 points, or more than 1.2%.
Among the big stocks losers were shares of Apple, which sold off hard right at the open, falling as much as 6% before stabilizing some.
Near 11:15 am ET, the stock was down about 3%.
Other tech names including Alibaba, down 4%, Yahoo, down 2%, and GoPro, down 5%, were also leading losses.
Amazon shares are also down more than 2.5% after credit ratings agency Moody's slashed its outlook for the company's debt to 'Negative' from 'Stable' after the company announced Monday morning it would issue additional senior unsecured debt.
Oil stocks, which got absolutely crushed on Friday, were mixed.
WTI crude oil prices were also moving up off their overnight lows, trading north of $67 a barrel after falling below $65 after futures opened on Sunday night.
On Monday morning, we also got two pieces of manufacturing data, which showed that in November manufacturing activity in the US held steady.
Markit's manufacturing PMI came in at 54.8, better than the November flash reading of 54.7 but below expectations for 55.0.
In its release, Markit said, "Business conditions continued to improve across the US manufacturing sector in November, but the pace of recovery eased to its weakest since the start of 2014."
The Institute for Supply Management's manufacturing PMI came in at 58.7, below October's 59.0 reading but better than the 58.0 that was expected by economists.