Stocks fell back toward session lows in the last hour of trading Monday as investors assessed the latest signs of economic malaise in the US and China.
The S&P 500 dropped, dragged lower by a slide in megacaps including Tesla Inc., Amazon.com Inc. and Apple Inc. The tech-heavy Nasdaq 100 dropped more than 1%. Equity markets gave up earlier gains in a seesaw session amid data showing China’s industrial output and consumer spending hit the worst levels since the pandemic began, hurt by Covid lockdowns. New York state manufacturing activity unexpectedly contracted in May, stoking concerns of slowing economic activity that may complicate the Federal Reserve’s policy path.