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Stocks have tumbled into the red
(Via ABC News)
Stocks are lower after touching record highs and biotech stocks are getting smoked on Monday.
The iShares Nasdaq Biotechnology Index fell by nearly 4%.
The healthcare sector was the biggest loser on the S&P 500, down 1.2%.
Stocks tumbled into the red in late-morning trading on Monday after the S&P 500 climbed to a record high earlier.
In early trading on Monday, the S&P 500 climbed to as high as 2,125.
Near 12:28 p.m. ET, the S&P 500 was down 3 points, the Dow was down 2 points, and the Nasdaq was down 14 points, after making a new record high on Friday.
In economic data out Monday, the latest flash reading on service sector activity from Markit Economics came in at 57.8, down from 59.2 in March and missing the consensus of 58.2.
And, the latest manufacturing index from the Dallas Fed came in at -16, better than last month's -17.4 reading but below expectations for -12. Last month's reading was the lowest in two years.
Apple shares climbed by as much as 2% in the morning ahead of its earnings report after the closing bell, which is expected to show another monster performance.
Another huge merger attempt fell apart when Applied Materials on Sunday walked away from its planned bid to buy Tokyo Electron for $10 billion. Like the merger attempt between Comcast and Time Warner Cable scuttled on Friday, there were anti-trust concerns.
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