“(Reuters) – Technology and consumer discretionary stocks tumbled on Monday as investors fretted about signs of weakness in the economy that are likely to put a halt to the stock market’s run this summer.
A gauge of manufacturing in New York State slid much more than expected in May to its lowest level in five months, the New York Federal Reserve said, in the latest report to point to the potential for a slowing economy.
The Nasdaq suffered the worst hit while other indexes drew support from strength in materials and financial stocks, which rebounded from Friday’s sharp fall. Some rotation into defensive names in the healthcare and utilities sectors also cushioned the Dow and the S&P 500 from steeper losses.”
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