The Dow Jones Industrial Average fell 70 points, or 0.2%, while the S&P 500 and the Nasdaq Composite declined 0.09% and 0.22%, respectively. The early selling comes after all three of the major averages closed at all-time highs on Friday.
Ticker Security Last Change Change % TSLA TESLA, INC. 656.31 +12.93 +2.01%
In stocks, Tesla Inc. will be the first of several mega-cap tech companies to report earnings this week when the electric-car maker releases its results after Monday’s close.
Alphabet Inc., Apple Inc. and Microsoft Inc. will all report after Tuesday’s closing bell with Facebook Inc. on Wednesday and Amazon Inc. rounding out the releases following Thursday’s market close.
Elsewhere, crypto-linked companies surged as bitcoin topped $39,000 a coin, up as much as 31% since closing on July 19 below $30,000 for the first time this year.
Meanwhile, Chinese stocks traded in the U.S., including Alibaba Group and Baidu Inc. were sharply lower as regulators continued to tighten restrictions, ordering Tencent to give up its exclusive music licensing rights and announcing new rules for private tutoring companies. Authorities earlier this month initiated a cybersecurity probe against ride-hailing giant Didi Global Inc.
Ticker Security Last Change Change % HAS HASBRO, INC. 103.95 +11.54 +12.49%
In earnings, Hasbro Inc. reported earnings and revenue that exceeded Wall Street estimates as revenue from its entertainment business, which includes "Peppa Pig," soared 47% from a year ago.
In commodities, West Texas Intermediate crude oil slid 50 cents to $71.57 a barrel and gold ticked up $6.10 to $1,807.90 an ounce.
Overseas markets were mostly weaker.
European bourses were modestly lower with Germany’s DAX 30 declining 0.35%, France’s CAC 40 slipping 0.17% and Britain’s FTSE 100 down 0.01%.
In Asia, Hong Kong’s Hang Seng index plunged 4.13% and China’s Shanghai Composite tumbled 2.34% as Chinese regulators continued to clamp down. Elsewhere in the region, Japan’s Nikkei 225 rose 1.04% as traders returned from a four-day weekend.