US Stocks fell Monday on worries of more political turmoil out of the White House ahead of crucial midterm elections where the Republican Party is trying to hold onto both houses of Congress. Equities were also under pressure by the cancellation of US-China trade talks. The Dow fell 181 points or -0.68%, the broader S&P500 was down -0.35% while the NASDAQ gained 6 points or +0.08%.
Stocks began falling to session lows shortly after trading began on reports that Deputy Attorney General Rod Rosenstein was about to resign or be fired. The White House later said in a statement Rosenstein and President Donald Trump will meet on Thursday amid the conflicting reports.
In corporate news, General Electric shares fell to a new 9-year low on Monday, dropping to levels not seen since July 13, 2009, as concern about a recent gas turbine failure in Texas hang over the embattled industrial conglomerate. Shares of GE fell as far as $11.60 a share in trading, breaking past its previous low this year of $11.94 a share.
