Nasdaq Drops 300 Points as Oil Slides 2.6% to $74.62
Updated
Updated · Benzinga · Jun 22
Nasdaq Drops 300 Points as Oil Slides 2.6% to $74.62
3 articles · Updated · Benzinga · Jun 22
Summary
The Nasdaq Composite fell 1.31% to 26,170.77 by midday Monday, while the S&P 500 slipped 0.47% and the Dow still edged up 0.28% to 51,709.06.
Oil dropped 2.6% to $74.62, extending an earlier slide tied to easing concerns after U.S.-Iran war talks, while gold also fell 0.6% to $4,220.30.
Communication services led the market lower with a 4.5% sector drop, outweighing a 1.2% gain in real estate shares.
Overseas markets were firmer despite the U.S. split: the STOXX 600 rose 0.5%, Japan's Nikkei gained 1.55% and China's Shanghai Composite climbed 1.78%.
With no major U.S. economic reports due Monday, trading centered on sector weakness and the pullback in crude after geopolitical tensions appeared to ease.