Tech giants slide, pulling U.S. stock market sharply lower

15 November, 2018, 01:22 | Author: Eric Barnett
  • U.S. stocks were broadly lower on Tuesday led down by technology shares

The Dow Jones Industrial Average fell 495 points, or 1.9 percent, to 25,496.

The Dow Jones Industrial Average fell more than 600 points Monday as major tech stocks faltered.

With a half hour left in the trading day, the Dow had shaved off more than 500 points at 25,487.21 while the broader S&P 500 was down 1.6 percent at 2,737.05.

Market sentiment was dented by Apple's decline as well as losses in Europe, Larry Benedict, CEO & founder of The Opportunistic Trader, a United States market research firm, told Xinhua.

In Asian markets on Monday, China's Shanghai Composite rose 1.2 percent. That puts pressure on Saudi Arabia, which this week said the oil cartel and allied crude producers will likely need to cut supplies, perhaps by as much as 1 million barrels of oil a day.

Apple Inc, a component of the Dow tumbled almost 4% after Lumentum Holdings Inc (one of its primary suppliers) trimmed its fiscal 2019 second-quarter top and bottom line forecast. "Expectations are really that the deregulation process that has benefited banks up to this point is going to be slowed down with the Democrats in charge", Bell said.

On the other hand, Athenahealth jumped 9.6 percent after the struggling medical billing software maker received a $5.7 billion cash buyout offer. USA crude rose 60 cents to $60.79 a barrel, the first increase after the longest stretch of daily declines since 1984. The Nasdaq Composite Index fell 165.59 points, or 2.24 percent, to 7,241.32.

The S&P 500 index fell 39 points, or 1.4 percent to 2,741. Both West Texas Intermediate and Brent Crude oil rallied sharply before a tweet from President Donald Trump sent prices lower by more than 1%.

Oil saw modest gains after OPEC signaled it was mulling a production cut after oil entered a bear market last week, falling 20 percent from its high. Saudi Arabian energy minister Khalid al-Falih said Sunday that the kingdom will reduce exports by around 500,000 barrels a day from November to December.

CURRENCIES: The dollar gained 114.01 yen from Monday's 113.84 yen. The euro fell to $1.1240 from $1.1336. Apple shares closed on Monday 5.04% lower, trading below the Dollars 200.00 mark again. The British pound weakened to $1.2849 from $1.2975 amid concerns that Britain's government is struggling to find unity on a Brexit deal.

Major stock indexes in Europe also ended lower Monday.

The S&P 500 index fell 16 points, or 0.6 percent to 2,764. In Asia, markets finished mixed. The Kospi in South Korea dipped 0.3 percent.



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