Political | Process

The broad-market index fell 0.7% to 4,173.11, while the tech-heavy Nasdaq Composite slid 2.04% to 12,581.22.

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• Both finished their seventh negative session in the past eight. Meanwhile, the Dow Jones Industrial Average finished flat, up about 1 point to 32,945.24, after climbing as much as 450 points earlier in the day.

• “Investor sentiment is as bad as it gets. People have their positions and they’re reluctant to sell out all together because they’re hoping there’ll be a pretty massive snapback rally,” said Tom Martin, senior portfolio manager at Globalt Investments.

• “The highs have been lower than the previous highs and the amount of breadth has just not been enough to carry the day,” he added. “People are looking for an intermediate bottom to get some sort of rally on.”

• Wall Street kept an eye on the conflict between Russia and Ukraine, as the two countries resumed talks on Monday. A Ukrainian official said the country’s objectives were to secure a ceasefire and an immediate withdrawal of Russian troops, along with other security guarantees.

• Fighting has intensified around Ukraine’s capital, Kyiv, while Russian forces bombard cities across the country, killing civilians who are unable to escape. The financial fallout of stiff Russian sanctions will come into sharper focus in the coming days ahead of a scheduled sovereign bond payment.

• Apple, which was down 2.6%, was one of the top decliners in the Dow Monday. The company led tech stocks lower as a Covid-19 outbreak in China spurred concerns that pandemic restrictions could exacerbate the existing supply chain woes there. Intel and Salesforce fell 3.1% and 2.4%, respectively.

• Qualcomm, one of the top decliners in the S&P 500, lost 7.2%. Chipmakers were lower across the board, with Marvell down 4.5% and Nvidia lower by 3.4%.