Stocks end lower on Wall Street

Tech companies weigh down Nasdaq

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

The S&P 500 fell 0.4% and the tech-heavy 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 in Disney, which soared following news late Sunday that the entertainment giant had replaced CEO Bob Chapek with his predecessor, Bob Iger.

Tesla tumbled 6.8% for the biggest drop among S&P 500 stocks and briefly slumped to an intraday low of $167.54, the lowest point in two years. The electric car maker’s shares are down more than 50% this year on investor fear that CEO Elon Musk will be distracted by his $44 billion purchase of Twitter.

The market pullback adds to stock indexes’ losses from last week and followed news overnight from China, which announced its first new death from COVID-19 in nearly half a year as strict new measures are imposed in Beijing and across the country to ward against new outbreaks. China’s ongoing strict lockdown policies have been crimping economic growth in the world’s second largest economy and stressing businesses.

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.

Technology stocks were the biggest drag on the benchmark S&P 500. Apple slid 2.2% and Visa fell 2.1%.

Retailers and other companies that rely on consumer spending also weighed down the index, as did energy stocks, which followed a 0.4% dip in the price of U.S. crude oil. Target fell 3% and Exxon Mobil dropped 1.4%.

European markets mostly fell, while Asian markets closed lower.

Bond yields fell. The yield on the 10-year Treasury, which influences mortgage rates, slipped to 3.82% from 3.83% late Friday.

Investors face a relatively quiet week. Markets in the U.S. will be closed on Thursday for Thanksgiving and will close early Friday.