How major US stock indexes fared Monday
Stock indexes sank Monday after twin announcements highlighted how much China’s slowing economic growth is hurting profits for U.S. companies.
Caterpillar, a bellwether for industrial companies, reported fourth-quarter earnings that fell well short of analysts’ expectations and said that it expects construction growth in China to be flat in 2019 following years of significant growth. Chipmaker Nvidia, meanwhile, cited slowing demand in China as one of the reasons for slashing its forecast for fourth-quarter revenue.
The S&P 500 index fell 20.91 points, or 0.8 percent, to 2,643.85.
The Dow Jones Industrial Average fell 208.98, or 0.8 percent, to 24,528.22.
The Nasdaq composite lost 79.18, or 1.1 percent, to 7,085.68.
The Russell 2000 index of smaller company stocks dropped 9.32, or 0.6 percent, to 1,473.54.
For the year:
The S&P 500 is up 137.00 points, or 5.5 percent.
The Dow is up 1,200.76 points, or 5.1 percent.
The Nasdaq is up 450.41 points, or 6.8 percent.
The Russell 2000 is up 124.98 points, or 9.3 percent.