STORY: U.S. stocks ended mostly lower on Monday, with the Dow eking out a fractional gain, as growth stocks dragged down the other two major indexes after downbeat Chinese economic data renewed fears of a global slowdown.
The Dow finished up slightly. The S&P 500 ended down 0.39%, while the tech-heavy Nasdaq lost 1.2%
Matt Stucky is a senior portfolio manager at Northwestern Mutual Wealth Management.
"What we're seeing is just a continued volatile backdrop for how markets have been behaving so far this month. Last Friday was a big rally in the market but, in the days prior to that, you had severe selloffs. And, so, volatility remains elevated. [FLASH] We started this year off with three or four interest rates hikes by the Fed Reserve priced into the markets and now it's over ten. So, that repricing effect is contributing to a lot of volatility."
Wall Street's megacap growth stocks ended mostly lower, with Tesla dropping nearly 6% and Amazon, Alphabet and Apple all losing a percent or more.
Shares of Eli Lilly rose after the drugmaker won U.S. approval for a treatment to help adults with type 2 diabetes.
And Spirit Airlines took off Monday, soaring 13.62% after JetBlue Airways launched a hostile takeover bid for the discount carrier. JetBlue shares slipped 6%, while shares of Frontier Group, which has also offered to buy Spirit, gained almost 6%.