U.S. stocks tumbled Monday, sending the Dow Jones Industrial Average down more than 150 points in what was shaping up to be its worst day since the election. All 11 major sectors of the S&P 500 fell — broad declines that contrasted with a stock market that has been generally buoyant since Election Day. After the Dow crossed 20,000 and major indexes hit records last week, President Donald Trump's move to restrict immigration from seven majority-Muslim countries deflated some of the market's optimism, some analysts and investors said. Airlines and technology firms were among Monday's biggest decliners. Financial shares, which have helped lead the rally since Election Day, also slumped. Stocks pared some of their earlier declines, but the Dow Jones Industrial Average was still on track for its biggest drop since Oct. 11. Expectations for stock swings increased, following a relatively tranquil stretch. The CBOE Volatility Index, or VIX, rose 16% to 12.22. On Friday, Wall Street's "fear gauge" closed at 10.58, its lowest level since 2014. Mr. Trump's executive order on immigration Friday spawned legal challenges, congressional criticism and widespread protests. The prospect of protectionist measures and conflict in Washington could cloud the path for pro-business initiatives like corporate tax reform and fiscal spending, which investors have been betting on since Election Day.
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