LIVE MARKETS-US stocks tumble on AI angst and renewed tariff tumult

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US STOCKS TUMBLE ON AI ANGST AND RENEWED TARIFF TUMULT

Wall Street stocks tumbled on Monday, as ongoing fears of artificial intelligence-related disruption and the fallout from Friday's U.S. Supreme Court ruling on tariffs sent investors fleeing from high risk equities.

The S&P 500 .SPX and Nasdaq .IXIC both fell more than 1%, while the Dow .DJI slid more than 1.5%.

That said, a majority of S&P 500 sectors actually closed higher with defensive groups, such as Staples .SPLRCS and Healthcare .SPXHC, the leading gainers. Utilities .SPLRCU notched a record close, as did the Dow Jones Utilities Average .DJU.

Consumer Discretionary .SPLRCD lost more than 2%, while Financials .SPSY fell more than 3%. It was the biggest daily percentage decline for Financials since early April of last year.

Under the surface, the S&P 500 Software & Services Index .SPLRCIS, the S&P 500 Banks Index .SPXBK and the KBW Regional Banking Index .KRX were especially spooked, with all losing more than 4% each. The software and services index is on pace for its worst month since October 2008.

Biotech .NBI and gold/silver miners .XAU showed strength. And amid recent anxiety, the Invesco S&P 500 Low Volatility ETF SPLV.P scored a record close on Monday. The SPLV is considered defensive and is on track for its biggest monthly rise since November of last year.

Meanwhile, the S&P 500 once again tested its rising 100-day moving average (DMA). The SPX fell to a low of 6,819.82 before firming somewhat to end at 6,837.75. The 100-DMA finished at 6,823.94.

Here is a snapshot of where markets stood just shortly after 4 p.m. ET.

(Terence Gabriel)

EARLIER ON LIVE MARKETS:

VOLATILITY UNDER THE SURFACE CLICK HERE

SPENDING RISES BUT WITH IT, WORRIES A NEW GAP IS FORMING: BOFA CLICK HERE

PRODUCTIVITY, THE AI BOOM, AND CONSEQUENCES FOR THE WORKFORCE CLICK HERE

FACTORY ORDERS CHILLED IN DECEMBER CLICK HERE

DESPITE THE SNOW, TARIFF ANXIETY TURNS WALL STREET RED CLICK HERE

US COURT BLOW TO TRUMP TARIFFS TRIGGERS POLICY SCRAMBLE AND GLOBAL MARKET RELIEF CLICK HERE

GRAINS: POISED TO REAP SOME BIG GAINS? CLICK HERE

ROTATION INTO VALUE NOT OVER YET - JPM CLICK HERE

MINERS' CAPEX SIGNALS KEEP BOFA WARY ON EQUIPMENT MAKERS CLICK HERE

TECH DRAGS STOXX LOWER AS TRADE CHAOS WEIGHS; UTILITIES RISE CLICK HERE

BEFORE THE BELL: EUROPEAN FUTURES INCH LOWER CLICK HERE

COUNTING THE COST OF TARIFF CHAOS CLICK HERE

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