Wall Street today: US stocks slip on sell-off in Big Techs, Boeing tanks 5% after South Korea plane crash

US stocks dropped on Monday on a sell-off in Big Tech companies and on elevated Treasury yields.

At 09:57 am ET, the Dow Jones Industrial Average fell 651.52 points, or 1.52 per cent, to 42,340.69, the S&P 500 lost 89.52 points, or 1.51 per cent, to 5,881.32 and the Nasdaq Composite lost 326.47 points, or 1.66 per cent, to 19,397.26.

At the opening bell, the Dow Jones Industrial Average fell 128.3 points, or 0.30 per cent, to 42,863.86. The S&P 500 fell 50.2 points, or 0.84 per cent, to 5,920.67, while the Nasdaq Composite dropped 261.6 points, or 1.33 per cent, to 19,460.413.

Planemaker Boeing’s stock fell 4.9 per cent following a deadly aircraft crash in South Korea.

Korean officials have ordered a "comprehensive inspection" of all Boeing 737-800 aircraft operated by the country's carriers after a Jeju Air plane crash-landed and burst into flames on Sunday, killing 179 people on board.

Among the megacap stocks, Tesla dropped 3.1 per cent and Meta Platforms lost 2.2 per cent. Apple fell 1.5 per cent and Microsoft fell 1.6 per cent.

Chip company Broadcom shed 3.8 per cent, while Nvidia Corp. rose 0.70 per cent.

Crypto stocks MicroStrategy lost 5.3 per cent, Coinbase dropped 4.9 per cent and MARA Holdings dropped 5 per cent, tracking a 2.4 per cent slide in bitcoin prices.

In the bond market, the yield on the 10-year Treasury fell to 4.55 per cent from 4.63 per cent late on Friday. The yield on the 2-year Treasury fell to 4.26 per cent from 4.33 per cent.

Bullion

Gold prices dipped on Monday as traders awaited fresh catalysts, including next week's US economic data.

Spot gold fell 0.6 per cent to $2,603.89 per ounce as of 10:19 am ET (1518 GMT). US gold futures were down 0.6 per cent at $2,615.70.

Spot silver lost 1.4 per cent at $28.95 per ounce.

Crude oil

Oil prices edged higher on Monday in thin trade.

Brent crude futures rose 26 cents, or 0.35 per cent, to $74.43 a barrel by 1413 GMT. The more active March contract was at $74.23 a barrel, up 44 cents or 0.6 per cent.

US West Texas Intermediate crude gained 58 cents, or 0.82 per cent, to $71.18 a barrel.