Tech giants slide, pulling US stock market sharply lower

Posted November 16, 2018

USA stocks began the session on a down note on Monday, with the Dow Jones Industrial Average registering a 400 point plus drop mid-morning in a volatile session. Apple shares tumbled on reports that a parts supplier to the tech giant has seen a drop in orders. Banks, consumer-focused companies, and media and communications stocks all took heavy losses. Unless the economy experiences significant deterioration in the following weeks and months, there's no valid justification for the Fed to end orThe recovery in USA stocks from October's slump evaporated on Monday with the Dow Jones Industrial Average falling more than 600 points, while the Nasdaq Composite and S&P 500 declined 2.78% and 1.97% respectively. Hong Kong's Hang Seng fell 0.5 per cent to 25,654.43, while the Shanghai Composite was down almost 0.9 per cent at 2,632.24. The Russell 2000 index of smaller companies gave up 19 points, or 1.3 percent, to 1,529.

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

At the time of writing, the Dow was off 67 points at 25,320, held back by Boeing, Exxon Mobil, Pfizer and Walmart Inc.

The tech-laden Nasdaq also rose 70 points to 7,271, led higher by Vodafone Group, Nvidia, Ctrip.com International, Wynn Resorts, JD.com and American Airlines Group. Brent crude, used to price worldwide oils, picked up 1 percent to $70.91 per barrel in London.

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Among the S&P 500's 11 major sectors, technology and financial stocks weighed most heavily.

With Monday's losses, all 3 indexes erased the gains from their brief rally after the USA congressional elections on November 6.

Some of the world's largest technology companies, including Amazon and Microsoft, suffered losses on the day as Apple Inc. closed down five per cent. The U.S. and China have raised tariffs on billions of dollars of each other's goods. Crude oil prices were headed higher, snapping a 10-day skid, after Saudi Arabia said it planned to cut its output.

A steep drop in technology companies sent USA stocks sharply lower, knocking off more than 400 points from the Dow Jones Industrial Average.

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OPEC: The price of oil was down after Trump tweeted that he hoped Saudi Arabia and OPEC would not cut production.

Traders work on the floor of the New York Stock Exchange in New York October 3, 2018.

The price of oil also fell, with Brent Crude, the global benchmark, dropping to under $69 while West Texas Intermediate, the USA measure slipped to under $59. The euro rose to $1.1252 from $1.1218.

CURRENCIES: The dollar slipped to 113.90 yen from 114.01 late Tuesday in Asia.

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