U.S. stocks traded well off session highs in late-morning trade Monday, with a decline in Facebook contributing to the midday retreat. The Dow Jones Industrial Average rose 1%, but it had previously gained more than 2% on the day. The S&P 500 was up 0.6%, less than half the 2% increase it had seen earlier in the session, which had represented its biggest one-day percentage gain since November 2016. The Nasdaq Composite Index rose 0.5%. The index, which is heavily weighted toward large-capitalization technology and internet stocks, previously rose 2.1%. Facebook fell 5.6%, with losses accelerating after the Federal Trade Commission said it was investigating the company’s privacy practices. The social-media giant has been under tremendous selling pressure of late, and it is down more than 20% from its recent record high, a decline that puts it into bear-market territory. Despite Facebook’s weakness, the technology sector remained up 1.1% on the day, and all 11 primary S&P 500 sectors were in positive territory. The gains on the day came on signs that concerns over a potential trade war were waning.
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