US stocks trade lower amid Apple losses

Marcus Newton
November 15, 2018

The FAANG stocks took a beating Monday in the wake of the news. Apple shares closed on Monday 5.04% lower, trading below the United States dollars 200.00 mark again. Goldman Sachs slid 7.5 percent to $206.05.

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.

Energy companies led a sell-off on Wall Street Tuesday that extended a losing streak for the S&P 500 index to a fourth day. The technology-focused Nasdaq index lost 2.8 per cent to 7,200.87 as the Dow fell by 602.12 points, or 2.3 per cent, to 25,387.18 and the S&P 500 shed 2 per cent to 2,726.22. Apple's decline impeded the tech-heavy Nasdaq, which fell more than 2 percent.

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

A broad sell-off in technology companies pulled USA stocks sharply lower Monday, knocking off more than 450 points from the Dow Jones Industrial Average.

Apple and Amazon each lost 4.5 percent Monday.

Oil prices rose about 1 percent on Monday, breaking a stretch of losses, after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day next year. It was down as much as 509 earlier.

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Apple stock slid 4.4 percent after Lumentum Holdings, which makes technology for the iPhone's face-recognition function said one of its largest customers asked the company to "materially reduce shipments" for its products.

A steep drop in technology companies sent US stocks sharply lower, knocking off more than 400 points from the Dow Jones Industrial Average. Apple, Amazon and other big names fell.

The S&P 500 is up 52.61 points, or 2 percent. Brent crude, used to price worldwide oils, picked up 1 percent to $70.91 per barrel in London.

In Asia, stocks were generally mixed with the Nikkei 225 down 459 at 21,810, while the Shanghai Composite Index added around 24 points at 2,654.

USA stocks fell for a third straight day Monday, with technology leading the way lower amid worries about waning iPhone demand.

Investors bid up shares in Athenahealth after the struggling medical billing software maker said it received a $5.7 billion cash buyout offer. Seoul's Kospi gave up 0.4 percent to 2,071.23 and India's Sensex added 0.4 percent to 34,953.81.

At 11:32 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was down 117.76 points, or 0.77 per cent, at 15,156.74.

Other reports by MaliBehiribAe

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