Dow falls below 24,000 points

U.S. stocks extended declines after concerns of escalating trade tensions and slowing global growth sent equities reeling last week.

The S&P 500 (^GSPC) fell 1.7%, or 44.69 points, as of 11:10 a.m. ET, with the energy and financial sectors leading declines. At the lows of the session, the S&P 500 fell to 2,583.23 points, the lowest level in more than eight months.

The Dow (^DJI) fell 1.97%, or 479.82 points as of 11:11 a.m. and reached a more than seven-month low of 23,881.37 points. The Nasdaq (^IXIC) slipped 1.02%, or 71.23 points. 

Each of the three major indices declined by about 5% by the end of last week. Equities took a sharp turn lower last week after news broke that Meng Wanzhou, CFO of Chinese tech giant Huawei Technologies, was arrested in Canada and faces extradition to the U.S for allegedly breaching U.S. sanctions on Iran. China on Sunday summoned the U.S. ambassador to Beijing to protest Meng’s detention. The arrest of Meng, an executive of the second-largest smartphone vendor in the world, is viewed as a potential roadblock to the U.S. and China reaching a permanent trade deal.

RELATED: Products directly hit by Trump's tariffs on Chinese goods

60 PHOTOS
Products directly hit by Trump's tariffs on Chinese goods
See Gallery
Products directly hit by Trump's tariffs on Chinese goods
Meat: pork; beef intestine; rabbit meat; venison; frog legs
Fish and seafood:live fish including ornamental fish, trout, eels, tuna, and carp; chilled or frozen meat of various types of trout, salmon, halibut, plaice, sole, albacore, tuna, herring, mackerel, cobia, swordfish, pollack, whiting, catfish, rays, and more; various types of salted or smoked fish; other seafood including various types of lobsters, crabs, shrimps, prawns, oysters, scallops, mussels, clams, squid, octopus, conchs, abalone, sea cucumbers, and sea urchins.
Non-meat animal products such as eggs and dairy:Whey products; butter; various types of eggs including chicken; honey; hair of animals including human, hog, horse and badger; animal intestines, bladders; feathers; bones including shells, beaks, corals, hooves, antlers, and more.
Vegetables:onions; garlic; cauliflower and broccoli; cabbage; carrots; turnips; radishes; beats; cucumbers; peas of various types; beans; lentils; celery; mushrooms; peppers of various types; squash; okra; sweet corn; potatoes; sweet potatoes and yams; some types of tomatoes; spinach; Brussels sprouts.
Fruit and Nuts: Coconuts; cashews; almonds; hazelnuts; walnuts; chestnuts; pistachios; macadamia nuts; pecans; dates; figs; pineapples; guavas; oranges; mandarins; clementines; raisins; grapes; apples; pears; quinces; peaches; berries including strawberries, raspberries, cranberries, blueberries and others; bananas; a variety of dried fruits; peels of various fruits.
Cereals: wheat, including durum wheat; barley; oats; corn; various types of rice; grain sorghum; buckwheat; quinoa; and more.
Mill products: flours including those form wheat, corn, buckwheat, rice, rye, other cereals, potatoes, and bananas; groats and meal of various types including wheat, corn, oats, and rice; malt; starches of wheat, corn, potato, and more
Oil seeds: soybeans; seeds of sunflower, flax seed, sesame, mustard, poppy and more; planting seeds for certain crops; cocoas and mint leaves; and seaweeds.
Sugars and candies: cane sugar; candies with no cocoa
Breads and Pasta: uncooked pasta; various breads, pastries, cakes, and biscuits.
Prepared vegetables and fruits: various vegetables and fruits previously listen in their prepared or preserved forms; various fruit jams including strawberry, pineapple, apricot, and more; peanut butter; various fruit juices including orange, pineapple, lime, grape, apple, and more.
Other food items: soy sauce; condiments and seasonings; protein concentrates.
Beverages and vinegars: water, including mineral water; fruit or vegetable juices and juice mixes; beer from malt; wine, including rice wine; ethyl alcohol; vinegars
Food processing waste and animal feed: brans from processing; oil cakes; dog or cat food; animal feed
Tobacco products: various types and preparations of tobacco; tobacco refuse; cigars; cigarettes; smoking tobacco
Salts and minerals: salt/sodium chloride; sulfur; graphite; quartz; types of clays; chalk; slate; marble; granite; sandstone; dolomite; gypsum; some plasters; some types of cement; mica; Epsom salts
Ores, slag, and ash: ores of iron, copper, nickel, cobalt, aluminum, lead, zinc, tin, chromium, tungsten, uranium, titanium, silver, other precious metals, and others; slag, various types of ash.
Mineral fuels and oils: coal; lignite; peat; coke; tars; various types of light oil; various types of kerosene; petroleum oils; liquefied fuels including natural gas, propane, butane, ethylene, and petroleum; oil shale and tar sands
Inorganic Chemicals: chemicals such as chlorine, sulfur; carbon, nitrogen, oxygen, and silicon; acids including sulfuric, nitric, and more; various types of fluorides, chlorides, sulfates, nitrates, carbonates, and more.
Organic chemicals
Fertilizers: animal or vegetable fertilizers; urea; ammonium sulfate; sodium nitrate; and more.
Tanning and drying extracts, dyes, and paints
Essential oils, perfumes: perfume; lip or eye make up preparations; manicure or pedicure products; shampoo; hairspray; bath salts.
Soaps and cleaning products: various types of soap; leather and textile treatments; polishes for shoes and furniture.
Glues, adhesives, and enzymes
Cigarette lighter fluid
Photographic goods: various types of photo plates; instant film; various types of film in rolls; various types of motion picture film.
Various chemical products: pesticides; herbicides; fungicides
Plastics: vinyl flooring and other plastic floor and wall coverings; sausage casings; bags; gloves including baseball gloves; rain jackets; machinery belts.
Rubber: latex; rods, tubes, and other products; conveyor belts; various types of transmission belts; various types of pneumatic tires; gloves; gaskets; dock fenders.
Raw hides and leather: animal skins including cow, buffalo, sheep, goats, reptile; various types of leather made from cow, buffalo, sheep, goats, reptile; leather trunks and suitcases; leather handbags; CD cases; gloves including ski, ice hockey, and typical use; belts; fur clothing, incluidng artificial fur.
Wood: fuel wood; charcoal; various types of wood including oak, beech, maple, ash and cherry; moldings; rods; particleboard; various types of plywood; doors; corks and stoppers; wicker and bamboo baskets.
Wood pulp products
Paper: Newsprint; writing paper; vegetable parchment; carbon paper; self-adhesive paper; cigarette paper; envelopes; tablecloths; handkerchiefs; folders.
Silk
Wool or animal hair products: cashmere; yarns; tapestries and upholstery.
Cotton: fibers; thread; yarn; denim; satin.
Flax: yarn; fabrics
Man-made textiles: polypropylene; rayon; nylon; polyester
Other textile products, rope, twine: hammocks; fish nets; carpets;
Fabrics: corduroy; gauze; terry towel; lace; badges; embroidery
Headgear: caps; hairnets; wool hats; head bands
Stone, plaster, cement, asbestos: stone for art; marble slabs; roofing slate; millstones; sandpaper; floor or wall tiles; cement bricks.
Ceramics: fire bricks; pipes; tiles; porcelain and china.
Glass and glassware: balls; rods; drawn or blown glass; float glass; tempered safety glass; mirrors; carboys, bottles, jars, pots, flasks, and other containers; microscope slides; woven fiberglass
Precious stones and pearls: industrial diamonds; silver and products made of silver; gold and products made of gold; platinum; palladium.
Iron and steel and products derived from the metals:drums; tubes; pipes; doors; windows; screws; horseshoes;
Copper: plates; cables; tubes; pipes; springs
Nickel: bars; rods; wires
Aluminum:powder; cable; wire; screws.
Various metal products, tools, cutlery: industrial items made from lead, zinc, tin, and more; saw blades; bolt cutters; hammers; wrenches; crow bars.
Machinery, both industrial and retail: steam turbines; engines; fuel-injection pumps; air compressors; air conditioning machines; refrigerators; cream separators; hydraulic jacks; escalators; manure spreaders; copiers; automatic beverage-vending machines
Electronics: vacuum cleaners; hair clippers; spark plugs; generators; bicycle lights; electric amps; television cameras; various types of TVs; video projectors.
Vehicles and parts: axles; driving shafts; gear boxes; radiators.
Parachutes

Ships and boats: sailboats; motorboats; canoes; yachts.

Instruments for scientific or medical purposes: microscopes; cameras for non-art purposes; gauges for pressure, electrical currents, and more.
Clocks and watches
Furniture, bedding, mattresses: car seats; wood chairs; furniture designed for offices, kitchens, and more; mattresses; chandeliers; lamps.

Assorted items: buttons; stamps; paintings; collections of zoological, botanical, mineralogical, anatomical, historical, archaeological interest; antiques of an age exceeding one hundred years

HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

Other trade-related headlines also rippled through the weekend. White House trade adviser and prominent China hawk Peter Navarro shrugged off tariff concerns as being a source of market volatility in comments during an interview with CNBC on Friday. U.S. Trade Representative Robert Lighthizer said on Sunday that he considers March 1 to be “a hard deadline” to come to a trade agreement with China before new tariffs could then be imposed.

The decline in U.S. equities trails a downward trend on Monday among global stocks, which have been weighed down in part by weak recent data from major economies. China’s factory inflation and consumer price indices each slowed in November, and import growth decelerated to the slowest rate in more than two years. Japan’s gross domestic product fell to an annualized pace of a 2.5% contraction in the third quarter, the sharpest rate of decline in more than four years.

In Europe, British Prime Minister Theresa May postponed the final vote on her Brexit deal originally scheduled to take place on Tuesday. Earlier reports that the vote would be delayed sent the pound tumbling to its lowest level in 18 months. On Saturday, Amber Rudd, Work and Pensions minister and a close ally of British Prime Minister Theresa May, became the first cabinet minister to offer possible alternatives if parliament rejects May’s proposal to leave the European Union.

Oil prices lost steam after surging on Friday following a decision by OPEC+ to cut output by 1.2 million barrels per day in an attempt to help rebalance the oil market. Goldman Sachs wrote in a note that there “remains uncertainty” around the exact implementation of the cuts “given the lack of country allocation and the exemptions of Libya, Venezuela and Iran.” U.S. crude oil futures (CL=F) fell 1.39% to $51.88 per barrel as of 10:18 a.m. ET, while Brent crude prices (BZ=F) fell 0.83% to $61.16 per barrel.

STOCKS: GoPro to move U.S. camera production out of China, Gilead names Roche executive as CEO

GoPro (GPRO) will move most of its U.S. camera production out of China by summer 2019 in order to mitigate the impact of new tariffs, the company said in a statement Monday. International production, however, will remain in China. Nick Woodman, CEO of the action camera company, previously said he was seeking to move production out of China in order to circumvent potential levies. Shares of GoPro fell 1.71% to $4.89 each as of 10:20 a.m. ET.

Qualcomm (QCOM) won a preliminary order banning the import and sale of Apple (AAPL) iPhone models in China found to have violated two of Qualcomm’s patents, the company said in a statement Monday. The preliminary order, coming from the Fuzhou Intermediate People’s Court in China, affects the iPhone 6S through the iPhone X models. Qualcomm first filed the case in China in late 2017. Shares of Qualcomm rose 3.41% to $57.90 each as of 10:20 a.m. ET, while shares of Apple fell 1.44% to $165.98 each.

Tivity Health (TVTY) is buying weight management products company Nutrisystem (NTRI) in a cash and stock deal valued at about $1.4 billion, according to a statement Monday. Nutrisystem shareholders will receive $38.75 per share in cash and 0.2141 Tivity shares for each share of Nutrisystem stock. Shares of Nutrisystem surged 28.22% to $43.85 each as of 10:21 a.m. ET, while shares of Tivity fell 33.39% to $27.08 each.

Facebook (FB) increased its stock buyback program by $9 billion, according to a Securities and Exchange Commission filing on Friday. This comes on top of a previously authorized $15 billion buyback program and amid a series of scandals and weaker usage of the company’s core platform in North America. Shares of Facebook rose 3.32% to $141.98 each as of 10:22 a.m. ET. The stock is down about 22% this year.

Biotech company Gilead Sciences (GILD) named Daniel O’Day, head of Roche Holding’s (ROG.VX) pharmaceuticals group, as CEO on Monday. The appointment brings a longtime pharmacy industry veteran to head Gilead, a company struggling with drug sales due to declining patient demand and pricing pressure. Gilead has been looking to tap a new CEO after John Milligan stepped down in July. Shares of Gilead turned around and fell 1.13% to $67.38 each as of 10:22 a.m. ET. The stock was down about 5% this year as of market close Friday.

Shares of Tesla (TSLA) rose Monday on the heels of a sweeping interview with CBS’s Lesley Stahl that aired on Sunday. Musk said in the interview, “I do not respect the SEC,” and that he would consider purchasing the factories that General Motors plans to idle. He also said he does not plan to return to the role of chairman of Tesla, after the SEC forced him to step down from the position for three years as part of a settlement. Shares of Tesla rose 0.74% to $360.45 each as of 10:22 a.m. ET.

ECONOMY: Job openings register roughly in-line with estimates in October

U.S. job openings rose to 7.079 million in October on a seasonally adjusted basis from a downwardly revised 6.96 million openings in September, according to a report Monday from the U.S. Bureau of Labor Statistics. This was roughly in-line with consensus estimates of 7.1 million openings, according to Bloomberg data. Job openings in October increased in information, real estate and education sectors and decreased in state and local government, transportation, warehousing and utilities, the BLS reported.

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

Follow Yahoo Finance on TwitterFacebookInstagramFlipboardLinkedIn, and reddit

Read more from Emily:

Why the Huawei arrest is a huge problem for U.S.-China trade relations 

Netflix user growth beats expectations, shares spike 

Now is a ‘once-in-a-lifetime chance’ to invest in US pot companies, investor says 

Read Full Story
  • DJI26465.54353.011.35%
    NASDAQ7953.88108.861.39%
  • NIKKEI 22520972.71-151.29-0.72%
    Hang Seng27498.77271.611.00%
    DAX12331.75245.932.03%
  • USD (PER EUR)1.12-0.0026-0.24%
    USD (PER CHF)1.00-0.0010-0.10%
    JPY (PER USD)108.46-0.0810-0.07%
    GBP (PER USD)1.260.00230.18%