Dow Snaps Three-Day Win Streak Amid Big Tech Selloff

The Dow tumbled from an intraday record today, erasing most of its gains in the last hour of trading to finish 34 points lower, despite a shift to reopening plays and energy stocks earlier in the session. The S&P 500 also closed with a modest loss, falling just short of Friday's record high earlier in the session, while the Nasdaq sank deeper into the red as traders dumped tech en masse.

Elsewhere, Wall Street is monitoring the aftermath of this weekend's cyberattack, which led to the Colonial Pipeline shutdown. Traders are also keeping an eye on rebounding transportation stocks, which can often serve as an indicator of global economic activity.

The Dow Jones Industrial Average (DJI - 34,742.82) shed 34.9 points or 0.1% for the day. 3M (MMM) led the Dow components with a 4.3% rise, while Intel (INTC) paced the laggards, falling 2.9%.

Meanwhile, the S&P 500 Index (SPX - 4,188.43fell 44.2 points or 1% for the day. The Nasdaq Composite (IXIC - 13,401.86shaved 350.4 points or 2.6% for the day.

Lastly, the Cboe Volatility Index (VIX - 19.66) added nearly 3 points or 17.8% for the day.






Oil prices were slightly higher on Monday after a ransomware attack shut down some of the largest refineries in the U.S., which provide the East Coast with about 45% of its fuel. Investors are expecting the country to slow down refining activities, and boost gasoline imports. As a result, June-dated crude added two cents, or 0.02%, to settle $64.92 per barrel. 

Meanwhile, gold prices notched their fourth-straight win, as well as their best level since February. The yellow metal surged amid a drop in the U.S. dollar to a more than two-year low, as well as weakness in the broader market. In response, June-dated gold added $6.30, or 0.3%, to settle at $1,837.60 an ounce. 

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