Stocks extended their declines on Monday and were on track to close with their worst losses of the year as investors grew nervous over a White House immigration ban.
The S&P 500 was down 1%, and the Nasdaq declined 1.4%. The Dow Jones Industrial Average fell 1%, retreating to below 20,000 again. The blue-chip index had hit that milestone for the first time last week.
Donald Trump late Friday signed an executive order temporarily banning immigration from seven Muslim-majority countries, including Iran and Iraq. The hasty rollout led to widespread confusion over whether the ban extended to green card holders, leaving a number of permanent residents stranded in U.S. airports.
Federal judges in New York and Virginia, among others, overruled the ban on visa holders. Thousands also flooded to airports across the country, including John F. Kennedy International Airport in New York and Dulles International Airport in Virginia, to protest the immigration order.
A number of American companies, particularly those in Silicon Valley, voiced disappointment in the White House's executive order. Netflix (NFLX) , Apple (AAPL) , Facebook (FB) and Microsoft (MSFT) were among those that expressed concern. Apple CEO Tim Cook issued a letter stating that, "Apple would not exist without immigration, let alone thrive and innovate the way we do."
