Stocks on Wall Street dipped in early trading Monday, with the S&P 500 falling as technology stocks again tumbled. The index was down 1.3 percent, while the Nasdaq composite dropped 2.2 percent.
Apple, Amazon and Microsoft were about 2.5 percent lower, while Google was down about 3.5 percent and Facebook was off 4.5 percent. The biggest tech companies have enormous sway on the S&P 500 and Nasdaq.
A Senate vote on the stand-alone bill that would lift the statutory limit on federal borrowing until December 2022 is expected to fail amid a Republican filibuster. Janet Yellen, the Treasury secretary, told Congress that the deadline was Oct. 18 and inaction would risk a default on the federal debt.
Oil prices rose, with West Texas Intermediate, the U.S. crude benchmark, up 3 percent to $77.08 a barrel. Officials from OPEC, Russia and other oil producers are expected to meet Monday to decide whether to add more oil to the market amid rising demand for energy.
Shares of China Evergrande were suspended on Hong Kong’s stock exchange on Monday after reports of a “major transaction.” The real estate developer has been under close watch by foreign investors after it missed two important interest payments on U.S. dollar bonds.
European stock indexes were higher, with the Stoxx Europe 600 up 0.2 percent.
Tesla rose 2 percent after the electric carmaker reported on Saturday a rise in deliveries during its third quarter. The company delivered 241,300 vehicles in the three months ending September, up from 139,593 during the same period last year.
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