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United States stocks slump amid Apple losses, tech sell-off

16 November, 2018, 09:15 | Author: Melinda Barton
  • Tech stocks are getting slammed, Dow drops more than 400 points

"I think we're going to get more of these bigger swings in the market as optimism pops back in to capture opportunities and then pessimism swings back in either to just take profits or to really focus on a narrow set of risks in the market". Apple shares closed on Monday 5.04% lower, trading below the United States dollars 200.00 mark again.

Goldman Sachs shares dropped 7.5 per cent after Bloomberg reported that Malaysian Finance Minister Lim Guan Eng said the country was seeking a full refund of all the fees it paid to the Wall Street bank for arranging billions of USA dollars of deals for troubled state fund 1MDB.

General Electric also experienced its fourth consecutive decline and tobacco stocks plummeted amid reports the Food and Drug Administration was considering a ban on menthol cigarettes.

The market was coming off a two-week winning streak.

Traders work at the New York Stock Exchange in New York, the United States, Nov. 12, 2018.

The market had anticipated that exports from OPEC member Iran would fall precipitously following the institution of US sanctions in November. The S&P 500 fell 54.79 points, or 1.97 percent, to 2,726.22. The S&P 500 was down 38.05 points, or 1.37 percent, to 2,742.96.

A holiday in the United States bond markets for Veterans Day kept trading volume muted.

A steep drop in technology companies sent US stocks sharply lower, knocking 500 points off the Dow Jones Industrial Average. Aphria Inc. lost 8.5 per cent, while Aurora Cannabis Inc. and Canopy Growth Corp. fell 4.6 per cent and 2.5 per cent, respectively.


Elsewhere, the Saudi energy minister, Khalid al-Falih, told reporters the kingdom was ready to cut oil production by 500,000 barrels a day in December. Seoul's Kospi gave up 0.4 percent to 2,071.23 and India's Sensex added 0.4 percent to 34,953.81. It was down as much as 509 earlier. The Philadelphia SE Semiconductor index dropped 4.4 percent. The fall in prices comes despite OPEC agreeing on the need to cut Oil supply by around 1 million barrels per day from October's level to prevent oversupplying the market.

Also improving the market's direction was a rebound in technology stocks, which jumped 0.7%, to recover from a steep sell-off on Monday when Apple shares took a hit on worries about a slowdown in sales of iPhones.

The S&P 500 index fell 16 points, or 0.6 per cent to 2,764.

The Russell 2000 is down 20.71 points, or 1.3 per cent.

The Nasdaq is down 206.03 points, or 2.8 percent.

Apple fell 3.7 percent in early trading Monday and Google's parent company Alphabet gave up 1.5 percent.

Hong Kong's Hang Seng closed the day up 0.1 percent.

The Dow is up 567.27 points, or 2.3 percent.

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