Stocks fall on White House saga, earnings jitters
Modest losses for the stock market on Monday as Congress moves ahead with efforts to impeach President Donald Trump - and investors prepare for the start of earnings season.
The Dow fell 89 points. The S&P lost 25. The Nasdaq tumbled 165.
Interest rates on U.S. government debt rose once again - hitting highs not seen since March. Mark Okada, CEO of Sycamore Tree Capital Partners, expects to see more volatility across all investments.
"I, frankly, am glad to see a day of pull-back a little bit. The huge move we saw last week is something that I really wouldn't expect to see given the historic sort of very negative actions across our government, across our economy now. And I think it's good to see a little bit of capital coming off and gains being taken and maybe this market getting a little bit lower in valuation."
That certainly was the case when it came to bitcoin. It took a nasty tumble. The world's biggest cryptocurrency fell more than 11 percent, a plunge of $4,300 on Monday after hitting record highs the prior week. Some investors worry that after doubling in price since early December, the price of the notoriously volatile digital currency has become too bubble-like.
As for individual stocks…the focus was on tech. Pro-Trump protesters demonstrated outside of Twitter after the social media site permanently suspended the president's account. Facebook, Alphabet-owned Google and Apple also took their strongest actions yet to limit Trump's social media reach after he instigated last week's Capitol riots. Shares of Twitter fell 6 percent.
Tesla had its first down day since December 22, dropping nearly 8 percent, in the stock's worst daily performance since October. Investors booked profits after Tesla shares rose more than seven-fold last year.
