Weakness in Big Tech stocks leaves Wall Street mostly lower
A sell-off in technology companies led stocks on Wall Street mostly lower Monday, adding to the market’s losses from last week.
The S&P 500 fell 0.8%, extending its losses to a fifth straight day. The benchmark index was split about evenly between winners and losers, but technology stocks and companies that rely on consumer spending bore the brunt of the selling. Apple fell 3%, Microsoft dropped 2.7%, Tesla slumped 8.5%, and Amazon lost 2.1%.
The S&P 500 fell 30.21 points to 3,876.50. The Dow gained 27.37 points, or 0.1%, to 31,521.69. The Nasdaq lost 341.41 points to 13,533.05.
The family of an American-iranian father and son detained for years in Iran appealed Monday to President Joe Biden to make freeing of Iranian-american detainees a condition of any deals or concessions with that country.
Baquer Namazi, a former UNICEF representative, was detained in 2016 when he traveled to Tehran to try to win the release of his son, Siamak Namazi, a businessman detained in Iran a year earlier.
The two Namazi men were sentenced to 10 years in prison in Iran on what the United States and United Nations says were trumped-up spying charges. Foreign governments and rights groups say Iran routinely detains foreign citizens to put pressure on foreign governments for various concessions.
Jake Sullivan, the U.S. national security adviser, called Iran’s continued detention of American citizens a “humanitarian catastrophe” on a news show Sunday.