US stocks drop from record highs amid a commodity sell-off and global growth concerns

• US stocks fell from record highs on Monday amid a steep sell-off in commodity prices.
• The selling came after Goldman Sachs lowered its economic growth outlook for China.
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US stocks declined from record highs on Monday amid a steep sell-off in commodity prices sparked by economic growth concerns.

Oil prices fell as much as 5% to around $65 per barrel on Monday, representing a decline of 13% from last months high of $75. The decline in oil prices came after Goldman Sachs lowered its economic growth forecast for China.

Goldman said the spread of the Delta variant of COVID-19 in China represents a challenge for the country due to low vaccination rates. The bank lowered its third-quarter China GDP forecast to 2.3% from 5.8% in a Monday note.

Here's where US indexes stood shortly after the 9:30 a.m. ET open on Monday:

• S&P 500: 4,431.40, down 0.1%
• Dow Jones Industrial Average: 35,131.87, down 0.2% (77 points)
• Nasdaq Composite: 14,832.29, down 0.1%

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TikTok parent ByteDance is targeting a Hong Kong IPO in late 2021 or early 2022, according to a Financial Times report. The move would come amid increased regulatory scrutiny from Beijing.

Richard Branson's Virgin Atlantic is planning to go public on the London stock market as it bets on pent-up demand for air travel, according to Sky News.

Oil prices slid. West Texas Intermediate crude was down as much as 4.6%, to $65.15 per barrel. Brent crude, oil's international benchmark, fell 4.4%, to $67.60 per barrel, at intraday lows.

Gold fell as much as 4%, to $1,690.61 per ounce.