Shares of tech giants Amazon, Facebook plummet

Tech shares were hammered Monday and the Dow finished modestly lower to snap a three-day streak of records and retreat from an intraday jump above 35,000 points.

The topsy-turvy session marked a choppy open to a week that includes upcoming retail sales and consumer price data seen as influential in shaping expectations for US monetary policy.

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Industrial names such as Caterpillar and 3M still mustered solid gains, but large tech names like Amazon and Facebook sank.

“It really is kind of a tale of two cities if you will,” said JJ Kinahan of TD Ameritrade.

The Dow Jones Industrial Average ended down 0.1% at 34,742.82 after climbing above 35,000 points for the first time ever earlier in the day.

The broad-based S&P 500 shed 1.0% to 4,188.43, while the tech-rich Nasdaq Composite Index dropped 2.6% to 13,401.86.

US stocks had risen on Friday following a disappointing April jobs report that bolstered expectations the Federal Reserve will keep interest rates low for a long period of time to support the economic recovery.

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In addition to data on consumer prices and retail sales, this week’s calendar also includes a report on producer prices. Numerous consumer and manufacturing companies highlighted rising prices as a challenge in their recent batch of earnings reports.

Among individual companies, Marriott International fell 4.1% after reporting lower than expected revenues. The company said demand “increased rapidly” in the United States and Canada as more people became vaccinated against COVID-19.