U.S. stocks fell, pushing the Nasdaq 100 Index to its biggest three-day retreat since 2011 and erasing the year’s gains in the Standard & Poor’s 500 Index, as technology shares extended last week’s selloff.
Bill Ackman is close to breaking even on his wager against Herbalife Ltd., a trade by his Pershing Square Capital Management LP that he last month called its biggest loser, after the stock plunged following disclosure of a U.S. Federal Trade Commission investigation.
Russian stock traders are bracing for more losses after the benchmark index entered a bear market last week as concern mounted the country’s push to annex Ukraine’s Crimea region will lead to international sanctions.
Daimler AG, the world’s third- biggest maker of luxury cars, will sell a 50 percent stake valued at 1.9 billion pounds ($3.2 billion) in an engine joint venture to partner Rolls-Royce Holdings Plc. to invest in its automotive and truck businesses.
Investors are the most bearish on Australian stocks since 2007 after last month’s rally pushed up valuations by the most since April and the central bank signaled a reluctance to add stimulus to the economy.
European stocks declined, following their first weekly drop since January, on rising tensions over Ukraine’s Crimea region and after an unexpected slump in Chinese exports triggered a selloff in mining stocks.