The Dow Jones Industrial Average declined by 501 points, or 1.9% to break below its 50-day and 100-day moving averages, two technical levels watched by traders. The S&P 500 lost 1.8% to fall below its 100-day moving average as the industrials sector dropped 2.3%. The tech sector lost more than 2%.
Two stock indexes of the United States may have closed at record highs this week, but one investor said the markets could be driven even higher on strong earnings.
Indian equity benchmarks extended gains for the third day. The S&P BSE Sensex Index rose as much as 0.46 percent to 35,675 and the NSE Nifty 50 Index rose as much as 0.36 percent to 10,724.50.
The Indian rupee was trading marginally weaker against US dollar as traders avoided taking long positions ahead of Reserve Bank of India’s key board meeting due later on Monday.