Drops in several Big Tech companies led the stock market lower Monday, pulling major indexes below the record highs they set last week. The S&P 500 lost 1% after spending the first half of the day wobbling between small gains and losses. The tech-heavy Nasdaq gave back 2.5% as Facebook, Amazon, Apple, and Google’s parent company fell, the AP reports. The Dow Jones Industrial Average had traded higher for much of the day but dipped into the red in the last half-hour of trading, closing at 34,742.82, down 0.1%.. Small-company stocks also did poorly, dragging the Russell 2000 index down 2.6%. The yield on the 10-year Treasury note rose to 1.61%. Elon Musk's Saturday Night Live appearance didn't help Tesla stock, which dropped 6.4%.
Markets are still reacting to Friday’s US jobs report. In the market’s most anticipated economic report of each month, the data showed employers added just 266,000 jobs in April, far fewer than the 975,000 economists were expecting. It was a steep drop from March’s hiring pace of 770,000. The weak jobs number suggests the economy is still in recovery mode and bolsters the case for the Federal Reserve to keep interest rates low. Though the employment market has been lagging the recovery, other measures show that the economy is pushing forward. Consumer confidence and retail sales have both been regaining ground as people get vaccinated and businesses reopen. Americans set a record for pandemic-era air travel on Sunday, according to the TSA.
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