With wholesale and consumer inflation reports on deck for Tuesday and Wednesday, investors wanted little to do with stocks on Monday.
Stocks fell sharply once again, with the Nasdaq registering its seventh straight loss in lopsided trade. 77% of Nasdaq stocks lost ground on the day, and 92% of trading volume on the exchange was to the downside, as the index fell 2% to its lowest level since October.
Intel lost 1.8% despite a First Albany upgrade, as investors fretted about a price war between Intel and AMD
.
Adobe fared better, rising 3% on a Cowen upgrade ahead of Thursday’s earnings report.
Stock option backdating probes continued to hit stocks, with Monster and Comverse
the latest to get hit by options concerns.
Qualcomm and Nokia
fell on their latest patent skirmish.
InfoSonics tumbled 28% on its results.
Tellabs lost 11% on a downgrade.
The Nasdaq lost 44 to 2091, the S&P 500 fell 16 to 1236, and the Dow dropped 99 to 10,792. Volume declined to 2.19 billion shares on the NYSE, but rose to 1.95 billion on the Nasdaq. Decliners led 25-7 on the NYSE, and 24-6 on the Nasdaq. Downside volume was 89% on the NYSE, and 92% on the Nasdaq. New highs-new lows were 24-179 on the NYSE, and 56-174 on the Nasdaq.