NEW YORK — Internet stocks and small-cap shares tumbled on Monday, sending the Nasdaq Composite Index near a one-month low, as investors sold some of the bull market’s best performing shares.
Tesla Motors fell 9.1 percent after a Morgan Stanley analyst said gains in the shares may slow. Facebook, TripAdvisor and Twitter lost at least 3.5 percent. All 41 stocks in the Dow Jones Internet Composite Index dropped, with the gauge sliding 2.3 percent, the biggest retreat since July. The Standard & Poor’s 500 Index was little changed, helped by a rally in Molson Coors on takeover speculation.
“A lot of these companies have had good runs and this is part of a healthy correction,” Mike Balkin, portfolio manager of the $535 million William Blair Small Cap Growth Fund, said.
The Nasdaq Composite sank 1.1 percent to 4,518.90 as of 4 p.m. Monday in New York, the lowest level since Aug. 18. The Russell 2000 Index lost 1.2 percent. Shares of larger companies fared better, with the Dow Jones Industrial Average adding 0.3 percent. The S&P 500 slipped less than 0.1 percent.
Fed policy makers begin a two-day meeting on Tuesday as they wind down a bond-buying program and consider the timing of an increase in interest rates.
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