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.

Recommended:



Popular

Sheriff: Death Toll Climbs to 48 in Northern California Wildfire
Honea said his office is bringing in more resources to expedite the grim tasks of processing and identifying human remains. It comes as the number of people killed in the state's deadliest fire rises to 50, with North California worst affected.

Marvel & Disney Remember Stan Lee in Touching Tribute Video
His work also inspired multiple generations of comic book creators to pick up a pencil and start their own careers. Here are just a few of the cameos from the Marvel icon in non-Marvel productions.

US utility stocks slump as California wildfires leave hundreds missing
As of Sunday night, the fire had grown to more than 133 square miles (344 square kilometers) and it was 15 percent contained. Satellites owned by NASA and commercial companies such as DigitalGlobe are recording images of the fires from space .

Trump urges Florida to end vote recount and hand elections to Republicans
Manatee County, south of Tampa Bay, had to restart its recount Monday because a needed button on the machine wasn't pushed. And if Palm Beach County doesn't like the outcomes of Bucher's leadership, they can look for another election supervisor.

Spice Girls add another how after first one Sells Out
The news came after Posh hit back at Mel B's claim that she will be joining the Spice Girls on stage at Wembley stadium. Minaj took home both the female artist of the year and album of the year for her record Queen.

Bolton: Khashoggi’s Killing Audio Recording Doesn’t Implicate Saudi Crown Prince
Qahtani has wielded that influence over the last three years, with his authority growing alongside that of the young prince. More recently, a government source familiar with the matter said Qahtani featured prominently throughout the recordings.

How to access blocked sites on your phone with Cloudflare’s DNS app
But, even if there was a slight performance drop, you have to decide whether that's an acceptable trade-off for increased privacy. We all know that there's nothing that could've stopped people from using 1.1.1.1 on their phones or on their tablets.

Trump Blames Secret Service For Missing WWI Ceremony Because Of Rain
During the Paris Peace Forum, which Trump spent largely alone, Macron condemned the nationalism Trump has been stoking. President Donald Trump on Tuesday took aim at France's trade practices surrounding its wine industry .

Spike in U.S. hate crimes for third year in a row
Of the more than 7,000 incidents reported past year , 2,013 targeted black Americans, while 938 targeted Jewish Americans. There were a total of 938 hate crimes committed against Jews in 2017, up from 684 in 2016.

Trump and his legal team met Monday to answer Mueller's questions
The questions, as ABC News has previously reported, center on alleged Russian meddling during the 2016 election cycle, which Mueller is tasked with investigating.