It was not a particularly exciting day on Wall Street on Monday as global jitters from Turkey’s plummeting currency spread to Wall Street, with the S&P 500 and the Dow falling for the fourth session in a row.
Financial stocks bore the brunt of Turkey contagion fears, with shares of Citigroup, Bank of America, Wells Fargo and JPMorgan Chase ended the trading day with losses of between 0.8 percent and 2.2 percent.
A pledge by Turkey’s central bank to stabilize the plummeting lira failed to calm the financial markets. The currency has fallen 40 percent against the dollar so far this year.
Apple reached an all-time high as the company continued its post-earnings rally. The stock ended the day up 0.6 percent.
Amazon also achieved a record high, closing at $1,925 per share. The stock closed 0.5 percent higher.
The second-quarter earnings season is approaching the finish line. Of the 455 companies in the S&P 500 that have reported so far, 79 percent have beaten analysts’ estimates, according to Thomson Reuters I/B/E/S.
The CBOE Volatility Index rose for the third straight session to its highest in more than a month.
Netflix Inc announced the departure of David Wells, its Chief Financial Officer. The company’s shares fell 1.3 percent.
Harley-Davidson was down 4.3 percent after Trump tweeted support for a boycott against the company.
Rite Aid fell to more than a five-year low, extending its losses after the retail drugstore chain ended its merger with Albertsons. The stock ended the trading day down 5.4 percent.
Among gainers, Tesla rose 0.3 percent. Chief Executive Elon Musk said he was in discussion with Saudi Arabia’s sovereign wealth fund and other potential backers of his plan to take the electric carmaker private, but he said financing was not yet nailed down.
Nielsen Holdings ended the day up 12.1 percent after activist hedge fund Elliott Management disclosed it had taken a stake in the media and consumer research company.
Approximately 6.34 billion shares changed hands on the major domestic equity exchanges, as compared to the 6.43 billion share average over the past 20 trading days.