The stock market’s start to the second quarter was its worst since the Great Depression.
With the S&P 500 closing down more than 2.2 percent Monday, the broad market index posted its worst start to April since 1929, according to S&P Global.
The index also closed below its 0-day moving average – a key technical level – for initially since June 2016, 442 straight days.
Bespoke Investments Co-Founder Justin Walters, who also noted the historic nature of the close, said in an email which equity fears aren’t likely to abate until earnings arrive.
“Based on recent market action, the bears clearly have control right today,” Walters wrote. “The path of least resistance is usually lower until something comes along to reverse which trend.”
The S&P 500 fell back into correction territory Monday as technology led the market lower, with names like Amazon as well as Netflix both down more than 5 percent. Intel fell about 8.5 percent after Bloomberg reported which Apple will no longer use its semiconductor chips as early as 2020.
The Dow Jones industrial average fell 1.9 percent – or 458 points – as China’s retaliatory tariffs against U.S. agricultural goods stoked fears of a global trade war. Dow stocks with large international markets (as well as so exposed to global tariffs) such as Boeing as well as 3M led decliners.