· Stocks staged a marked turnaround to the downside Monday as the S&P 500 sank back below a key chart level and investors believed a likely trade resolution between the U.S. and China is baked in.
The S&P 500 dropped 0.4 percent to 2,792.62 after climbing nearly half a percent, breaking back below the key 2,800 level. The broad index closed above 2,800 on Friday, marking its highest close since Nov. 8.
· The Dow Jones Industrial Average fell 206.67 points to 25,819.65, erasing a 129.66-point gain. Boeing was one of the worst performers in the Dow, sliding 1.8 percent. The Nasdaq Composite closed 0.2 percent lower at 7,577.57. Earlier in the day, it was up as much as 0.64 percent.
· "The market on all technical levels was the most overbought we've been" in a while, said Larry Benedict, founder of The Opportunistic Trader. "The market is just overextended."
"You're also going to start seeing some skepticism on the China front," Benedict said. "Everybody thinks this is a done deal. I don't know how easy it's going to be."
· European stocks traded higher Monday, as investors digested the latest news surrounding trade discussions between the U.S. and China.
The pan-European Stoxx 600 provisionally closed 0.23 percent higher with almost every sector in positive territory. Basic resources were the top performers, with the sector sensitive to news on global trade developments. According to three CNBC sources Monday, China and the U.S. are approaching the finish line on trade negotiations that could end later this month.
· Stocks in Asia declined in Tuesday morning trade after an overnight slip on Wall Street which saw the Dow Jones Industrial Average and S&P 500 experience their worst day in nearly a month.
Japan's Nikkei 225 slipped 0.42 percent in early trade, while the Topix shed 0.58 percent. Shares of conglomerate Softbank Group declined around 0.3 percent.
The Kospi in South Korea fell 0.6 percent, with chipmaker SK Hynix seeing its stock drop 1.85 percent.
Reference: CNBC
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