Stock indexes sustained moderate losses Monday as the market had trouble finding any safe places to stay.
XAfter gapping lower Friday, the major indexes remained pressured. The Nasdaq composite, S&P 500 and Dow Jones industrial average undercut Friday's lows, if only by small margins. (Go here to see IBD's updated current outlook for the general market.)
The Dow fell 0.5% and the S&P 500 0.4%. Strength in semiconductors cushioned the Nasdaq's loss to 0.25%. The Philadelphia semiconductor index climbed 0.1%.
The three main indexes closed near session lows. Small caps were even weaker, with the Russell down 0.7% at the closing bell.
Volume declined from Friday's levels, based on unconfirmed numbers. Declining stocks led advancers by a nearly 2-1 ratio across the board.
The main worry Monday was Turkey, where a financial crisis threatens to spread risk to other European banks. The Turkish currency continued to slide, and the iShares MSCI Turkey Investable ETF (TUR) fell 11% more to the lowest level to November 2008, the time of the global financial crisis.
The medical sector is emerging as a market leader, and it was a bright spot Monday. Drug wholesalers, ethical drugs, generic drugs, health care services, home care and managed care were in the top 10 of 197 industry groups.
This Telecom Play Gets Slammed
Telecom infrastructure was Monday's worst group, as Dycom's (DY) 24% plunge on an earnings warning roiled the group.
Homebuilders also were one of the weakest groups, down more than 2.5%. Much of the loss rested on NVR's (NVR) drop of more than 2% to 2,657.05, which skewed the performance of the price-weighted group index. Still, nearly all 23 stocks in the group were down, and several more than 3%.
The energy sector was broadly lower after the price of crude fell 0.6% to $67.20 a barrel. Oil remains near seven-week lows amid worries over Turkey, rising supplies and other concerns.
Breakouts In The Stock Market Today
With sellers dominating on Monday, breakouts were scarce. Nanometrics (NANO) showed strong price and volume action as the chip-inspection company rose to new highs.
SendGrid (SEND) closed above a 32.12 buy point in an irregular base, but gave back a good portion of its early gains. SendGrid is a provider of systems for mass email campaigns and other corporate communications.
Workday (WDAY) is still trying to break out of cup with handle but has yet to make a convincing move above the 137.53 entry. It is, however, extended from an early 129.65 buy point. Workday is an IBD Leaderboard member.
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