Nasdaq Composite Index Posts Biggest Daily Loss in 2 Months
US indices closed with sharp losses on Monday, pressured by higher bond yields after US retail data rose more than expected in March, as well as concerns about rising geopolitical tensions between Iran and Israel.
The yield on the 10-year US Treasury note touched 4.7% for the first time in 5 months.
Performance of major US indices:
The Dow Jones Industrial Average fell 0.65%, or about 248 points, on Monday, marking its sixth straight daily loss, closing at its lowest level in nearly 3 months.
The S&P 500 fell 1.2%, its lowest daily close in nearly two months, while the Nasdaq Composite lost 1.8%, its biggest daily loss in two months.
Tesla shares
Tesla shares fell more than 5% on Monday, hitting their lowest daily close in 11 months, after the electric carmaker said it would lay off more than 10% of its global workforce, according to an internal memo seen by Reuters.
Apple stocks
Apple shares fell 2.2% in Monday's session, with the company losing $60 billion in market value in a single day.
The losses came after data from research firm IDC showed that the company's smartphone shipments fell by about 10% in the first quarter of 2024.
