Tech shares fall; Tesla is biggest loser in S&P 500

Stocks closed lower on Wall Street on Monday, as a slide in technology companies offset gains elsewhere in the market.

The Standard & Poor’s 500 fell 0.4% and the techheavy Nasdaq composite dropped 1.1%. The Dow Jones industrial average held up better, ending down just 0.1%.

The Dow benefited from a 6.3% gain by Walt Disney, which soared after news late Sunday that the entertainment giant had replaced Chief Executive Bob Chapek with his predecessor, Bob Iger.

Tesla tumbled 6.8% for the biggest drop among S&P 500 stocks. The electric-car maker’s shares are down more than 50% this year on fear that CEO Elon Musk will be distracted by his purchase of Twitter.

The market pullback followed news overnight from China, which announced its first new death from COVID-19 in nearly half a year.

“Some of the negativity that we’ve seen today is largely due to the idea that demand coming out of China maybe won’t be as strong as people expected,” said Liz Young, head of investment strategy at SoFi.

Casino operator Wynn Resorts, which has a large footprint in China, fell 2.2%. Las Vegas Sands slid 2.9%.

All told, the S&P 500 fell 15.40 points to 3,949.94. The

Nasdaq slid 121.55 points to 11,024.51. The Dow slipped

45.41 points to 33,700.28.