USA stock indexes are declining Monday as technology companies continue to sink.
Netflix, Apple and Amazon all fell sharply on Monday. Real estate companies have lagged the market this year, and they rose as well.
USA stocks remain split as trading begins Monday, with energy companies and oil prices climbing and technology stocks sinking. The Russell 2000 index of small-company stocks edged up 1 point, or 0.1 percent, to 1,422.
General Electric jumped 3.6 percent after Jeff Immelt said he would step down as CEO.
During Immelt’s 16 years as CEO, he succeeded in repositioning the company as Ohio’s largest manufacturing employer and producer of large industrial products but failed to fully revive its lagging stock price.
The Standard & Poor’s 500 index dipped 2.38 points, or 0.1 percent, to 2,429.39.
Another decline in technology stocks is pulling USA market indexes lower in midday trading on Wall Street.
Technology companies have surged in recent months, and on Monday nearly all of the losses came from the big companies that have led the way recently: Apple, Microsoft, Facebook, and Alphabet, Google’s parent company. Tech has far outpaced the rest of the market this year. The S&P 500’s telecom index is down about 9 percent this year and energy companies are down 12 percent. Britain’s FTSE 100 fell 0.2 percent to 7,512.20. France’s CAC 40 dropped 1 percent while Germany’s DAX dropped 0.9 percent.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.19 percent.
Apple Inc., down $3.56 to $145.42 Technology companies, particularly big names, took further losses following Friday’s drop. In recent years GE has sold or split off numerous businesses, including its financial services division, and focused on new technologies as it returned to its roots as an industrial company.
It remains to be seen how well incoming General Electric CEO John Flannery fits in to his new community.
Flannery, 55, is a longtime GE executive who picked Monday to replace Jeff Immelt, a move that will formally take place August 1. Elsewhere, chipmakers fell, with Nvidia off $6.37, or 4.3 percent, at $143.23 and Advanced Micro Devices down 65 cents, or 5.3 percent, to $11.63. US shares were set to drift lower, with Dow futures slipping 0.1 percent to 21,186. The benchmark Nikkei 225 in Japan slipped 0.5 percent and South Korea’s Kospi declined 1 percent.