The Dow Jones Industrial Average dropped more than 700 points Monday, extending the stock market’s retreat into a fourth consecutive week.
Stocks charged higher for much of the summer, but sentiment has soured in September. Investors are assessing an array of risks including delays to additional fiscal-stimulus packages, an increasingly heated U.S. election campaign season, continuing tensions with China and the threat of renewed lockdowns in many places because of higher coronavirus infections.
Meanwhile, shares of some of the largest technology companies, which helped drive the market to records over the summer, are now dragging it lower.
The blue-chip benchmark slid 2.7%, and the S&P 500 fell 1.9%. The tech-heavy Nasdaq Composite fell 1.1% after closing Friday at its lowest level since Aug. 11.
The S&P 500 was off more than 7% from its Sept. 2 record through Friday’s close, while the Nasdaq Composite was down more than 10%. The Dow has yet to reclaim its prepandemic high and was about 6% below its February record.