The Nasdaq Composite fell sharply on Monday, pressured by a steep decline in tech shares, while gains in the broader market were capped by concerns over trade.
The tech-heavy Nasdaq dropped 1 percent as shares of Facebook and Netflix fell 3.1 percent and 4.8 percent, respectively. Amazon and Alphabet also dropped more than 1 percent, each.
Meanwhile, the S&P 500 fell 0.2 percent as tech fell 1.4 percent and worries on the trade front persisted. The Dow Jones Industrial Average traded just 8 points higher as Caterpillar gave up earlier gains.
Caterpillar said in its second-quarter earnings report that recently imposed tariffs will shave off between $100 million and $200 million from its bottom line in the second half. The company also reported better-than-expected earnings and raised its full-year outlook, however.
"I think the market is headed for jittery times," said Peter Cardillo, chief market economist at Spartan Capital Securities. "Those tariffs are showing up in earnings reports and eventually will hit the consumer. Once that happens, consumer sentiment will dampen."
