The Standard & Poor's 500 Index slumped at midday Monday after several reports continued to cast doubt on the health of the overall economy, sending stocks lower.
The Institute for Supply Management said its manufacturing index showed a decline for the fourth-straight month in May. Meanwhile, the Commerce Department said construction spending fell in April due to a sharp drop in homebuilding.
The S&P 500 gave up 14.11 points, or 1 percent, to 1,386.27.
Discover Financial Services took the biggest loss, falling $1.03, or 6 percent, to $16.13. Last week, the credit card company said it would take a second-quarter write down between $11 million and $19 million after taxes due to an investment in asset-backed commercial paper notes.
CME Group Inc., which operates the Chicago Mercantile Exchange and the Chicago Board of Trade, fell $23.73, or 5.5 percent, to $406.57. The Financial Times reported Monday that the company's bid to take over the New York Mercantile Exchange is likely fail due to shareholder opposition.
Unisys Corp. shed 21 cents, or 4.2 percent, to $4.85. A Merrill Lynch analyst downgraded the information technology services provider to "Underperform" from "Neutral" in a note to investors.
Among the gainers, Tesoro Corp. rose $2.13, or 8.6 percent, to $26.98. Deutsche Bank's Paul Sankey raised Tesoro to "Hold" from "Sell," saying he does not foresee bankruptcy for the fuel refiner.
Jabil Circuit Inc. climbed 81 cents, or 6.4 percent, to $13.53. On Monday, a Raymond James analyst upgraded the electronics manufacturer to "Strong Buy" from "Market Perform" in a note to investors.
Coal miner CONSOL Energy Inc. jumped $5.47, or 5.6 percent, to $103.03. Earlier in the session, shares hit an all-time high of $103.66.
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