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%.
Tech stocks like Apple (NASDAQ: AAPL), Nvidia (NASDAQ: NVDA), Amazon (NASDAQ: AMZN) and Microsoft (NASDAQ: MSFT) were all lower as the 10-year Treasury yield was slightly higher, trading around 1.48%.
Here's how the market settled to start the week:
S&P 500 Index (NYSE: SPY): -1.30% or -56.58 points to 4,300.46
Dow Jones Industrial Average (NYSE: DIA): -0.94% or -323.54 points to 34,002.92
Nasdaq Composite Index (NASDAQ: QQQ): -2.14% or -311.21 points to 14,255.48
Facebook services experience widespread outage:
Facebook (NASDAQ: FB) services, including Instagram and WhatsApp, have been down for more than four hours on Monday, with all three platforms experiencing server errors since around noon ET. The social media giant has yet to announce the reason behind the 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 (NYSE: TWTR). "We are experiencing networking issues and teams are working as fast as possible to debug and restore as fast as possible."
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:
Qualcomm (NASDAQ: QCOM) announced Monday that it will acquire part of auto components supplier Veoneer (NYSE: VNE) with the investment firm SSW Partners in a transaction valued at $4.5 billion.
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