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.
Intellost 1.8% despite a First Albany upgrade, as investors fretted about a price war between Intel and AMD.
Adobefared better, rising 3% on a Cowen upgrade ahead of Thursday’s earnings report.
Stock option backdating probes continued to hit stocks, with Monsterand Comversethe latest to get hit by options concerns.
Qualcommand Nokiafell on their latest patent skirmish.
InfoSonicstumbled 28% on its results.
Tellabslost 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.