Share prices of Alibaba and its peers dropped sharply Monday, sending the tech giant’s market value tumbling more than $1 billion.
The Dow Jones Industrial Average closed down 9.34 points, or 0.4%, to 19,879.10, the S&P 500 finished down 1.43 points, OR 0.39%, to 2,532.21 and the Nasdaq Composite fell 3.09 points, 0.53%, to 5,976.03.
Shares of rival Alibaba fell 4.69 points, to $13.24.
The company, based in Shenzhen, China, is valued at $24.7 billion.
Banks were also hurt by the market decline.
The S&s stock index of small- and mid-sized banks dropped 3.39 points, falling 2.6% to 4,095.62.
The benchmark New York-based Bank of America fell 2.2%, falling 1.9%.
The Nasdaq fell 3% to 6,958.62, while the Dow fell 7.4%.
The drop in trading prices follows a sharp drop in the price of gold, the world’s most valuable metal.
The price of a troy ounce of gold fell $1.27 to $1,263.43 an ounce, or 1.7% from a week ago.