U.S. stocks fell sharply Monday, with the Nasdaq turning lower for 2018 and threatening to drop into correction territory, in just the latest instance of heavy intraday volatility.
The technology sector extended its recent decline, with large-capitalization internet and tech shares leading the market lower. Concerns about trade policy also drove selling and indicated that the volatility that marked the final weeks of the first quarter hadn’t fully played out.
The day’s decline was broad, with all 11 primary S&P 500 sectors down on the day and eight of them losing more than 2%. However, the technology sector and consumer-discretionary stocks were the biggest drags on the day. Weakness in shares of Amazon.com, which was in the line of fire from President Trump, drove the discretionary decline.