By April Joyner
NEW YORK (Reuters) - The S&P 500 and the Dow Jones Industrial Average slumped on Monday as the U.S. tariffs signed into law last week by President Donald Trump weighed on industrials, though gains in tech stocks boosted the Nasdaq.
Shares of companies such as Boeing Co
"The big multinational, industrial companies of the world are all taking a hit on the concern that they will be the targets of reprisal sanctions," said Robert Phipps, a director at Per Stirling Capital Management in Austin.
Concerns about possible fallout from the tariffs largely supplanted optimism, based upon the modest wage growth numbers from Friday's employment report, that the Federal Reserve would stick to its projected three interest-rate increases in 2018.
"We've seen stable, modest wage growth, nothing that should be considered harmful for equity markets," she said.
"Growth stocks are doing well. It's pretty much a continuation of last year's rally, whereas the Dow has all sorts of other companies that may not be growth-oriented."
The Dow Jones Industrial Average <.DJI> fell 157.13 points, or 0.62 percent, to 25,178.61, the S&P 500 <.SPX> lost 3.55 points, or 0.13 percent, to 2,783.02 and the Nasdaq Composite <.IXIC> added 27.52 points, or 0.36 percent, to 7,588.33.
The U.S. Treasury said in a letter to Singapore-based Broadcom that it had confirmed national security concerns about the bid and that the company had not given sufficient notice of its plans to redomicile in the United States.
Broadcom gained 3.6 percent while shares in Qualcomm were flat.
Shares of Micron Technology
Advancing issues outnumbered declining ones on the NYSE by a 1.22-to-1 ratio; on Nasdaq, a 1.45-to-1 ratio favoured advancers.
Volume on U.S. exchanges was 6.52 billion shares, compared to the 7.2 billion average for the full session over the last 20 trading days.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)