US stocks trade lower amid Apple losses

Gladys Abbott
November 15, 2018

A steep drop in technology companies sent USA stocks sharply lower Monday, knocking off more than 500 points from the Dow Jones Industrial Average.

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 54 points, or 2 percent to 2,726.

Early in the session, the Dow Jones Industrial Average Index climbed 51 points to 25,438, lifted by Intel, Caterpillar, Visa, Microsoft and Goldman Sachs Group. Apple's decline impeded the tech-heavy Nasdaq, which fell more than 2%.

The S&P 500 index fell 39 points, or 1.4 per cent to 2,741.

The S&P 500, meanwhile, was still trading in positive territory and was up almost 5 points at 2,731.

A steep drop in technology companies sent USA stocks sharply lower, knocking off more than 400 points from the Dow Jones Industrial Average. Shares of Align Technology and NVIDIA slid 7.91 percent and 7.84 percent, among the worst performers in the Nasdaq.

Amazon and Alphabet declined 3.35 percent and 1.69 percent, respectively. An Apple component maker called Lumentum Holdings slashed its profit forecasts for the year on slower demand, which analysts interpreted as meaning Apple will be buying less of their products because their own devices aren't selling. Apple shares closed on Monday 5.04% lower, trading below the Dollars 200.00 mark again. Apple, Amazon, Goldman Sachs and other big names fell. Russian oil minister Alexander Novak said at a meeting of oil producers in Abu Dhabi that his country was open to cuts.

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Major U.S. stock indexes were squarely hammered in the regular trading session on Monday.

Investors bid up shares in Athenahealth after the struggling medical billing software maker said it received a $5.7 billion cash buyout offer. Crude oil prices were headed higher, snapping a 10-day skid, after Saudi Arabia said it planned to cut its output.

ENERGY: Benchmark U.S. crude fell $1.26 to $58.67 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price global oils, dipped 0.1 percent to close at $70.12 per barrel in London.

CURRENCIES: The dollar strengthened to 113.85 yen from 113.80 yen on Friday.

Tech stocks were also weak in Europe as the pan-European STOXX 600 index lost 0.84 per cent.

In other energy trading, heating oil fell 0.8 percent to $2.16 a gallon and wholesale gasoline gained 0.9 percent to $1.64 a gallon. Japan's Nikkei 225 added 0.1 percent, while Hong Kong's Hang Seng rose 0.1 percent. Britain's FTSE 100 shed 0.7 percent.

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