Stocks took a dive on Monday as investors continued to rotate out of technology shares amid rising Treasury yields. Both the Dow Jones Industrial Average and tech-heavy Nasdaq fell over 300 points, while the S&P 500 dropped over 1%.
Here's how the market settled to start the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Facebook services experience widespread outage:
"Sincere apologies to everyone impacted by outages of Facebook powered services right now," said Mike Schroepfer, chief technology officer at Facebook, in a statement posted on Twitter
Monday's downtime marks the worst outage for Facebook since 2008, when a bug took the platfrom offline for about a day.
Qualcomm to buy part of Veoneer with SSW Partners:
Under the deal, Qualcomm will acquire Veoneer's Arriver business, which is focused on computer vision, drive policy and driver assist, according to a press release. SSW will acquire the rest of Veoneer, with plans to sell it in pieces.
Back in July, Veoneer had agreed to be purchased by Magna International for $31.25 per share. Qualcomm and SSW have agreed to pay $37 a share, beating out the prior bid. Veoneer will pay Magna a termination fee of $110 million.
Factory orders rise for fourth consecutive month in August:
Orders for U.S. manufactured goods increased by a more-than-expected rate in August for a fourth consecutive monthly rise, accelerating from July even as supply chain challenges continue to weigh on overall industry growth.
Factory orders rose by 1.2% in August month-over-month, according to the Commerce Department's new report published Monday. The latest figure was faster than the 1.0% rise expected by consensus economists and above July's upwardly revised print of 0.7%.
Excluding transportation-related orders, factory orders were up 0.5% for August, exceeding estimates for 0.4%.
Here's how market benchmarks started trading soon after open:
S&P 500 Index: -0.27% or -11.68 points to 4,345.36
Dow Jones Industrial Average: -0.18% or -63.22 points to 34,263.24
Nasdaq Composite Index: -0.48% or -69.34 points to 14,497.35