S&P 500, Dow drop from peaks as China's economic data sours mood

Economy-linked cyclical stocks weigh on markets; Tencent Music falls after Soros Fund dissolves stake

The Dow and the S&P 500 slipped from record highs on Monday as glum data from China sparked fears of slowing global growth and hurt shares of sectors that are closely linked to the health of the U.S. economy.

The data showed that retail sales, industrial production and urban investment in China all missed forecasts, pointing to the impact of the fast-spreading Delta variant of the coronavirus and knocking down prices of oil and other commodities.

Nine of the 11 major S&P sectors declined in early trading.

Energy and materials shares were the top laggards, down 2.6% and 1.3% respectively. Freeport-McMoRan, the world's