Wednesday, 19 December, 2018

U.S. stocks slump amid Apple losses, tech sell-off

Tech stocks are getting slammed, Dow drops more than 400 points Tech giants slide, pulling US stock market sharply lower
| 15 November, 2018, 08:30

The Dow Jones Industrial Average fell 550.38 points, or 2.12 per cent, to 25,438.92, the S&P 500 lost 48.95 points, or 1.76 per cent, to 2,732.06 and the Nasdaq Composite dropped 187.49 points, or 2.53 per cent, to 7,219.42.

APPLE: The tech tumble followed an analyst report that suggested Apple significantly cut back orders from one of its suppliers.

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 4.04 points, or 0.1 percent, to 2,722.18. Goldman Sachs was the biggest drag on the Dow, which fell more than 2 per cent. The Russell 2000 index of smaller companies gave up 15 points, or 1 per cent, to 1,534.

Stocks appeared to have regained their footing after a skid in October snapped a six-month string of gains for the S&P 500.

The Dow is up 667.96 points, or 2.7 per cent.

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.


Amazon slid 4.4 percent to $1,636.85.

ENERGY: Benchmark U.S. crude fell 87 cents to $59.04 per barrel in electronic trading on the New York Mercantile Exchange. "With our proven ability to deliver high volumes, years of experience, hundreds of millions of devices in the field, and new product and customer funnel, we remain confident in our leadership position in the nascent market for laser diodes for 3D sensing", said Alan Lowe, President and Chief Executive Officer of Lumentum.

SCORCHED: PG&E tumbled 12.9 percent to $34.77 after the electric utility told regulators that a high-voltage line experienced a problem near the origin of one of the major California wildfires before the blaze started.

Amazon and Alphabet declined 3.35 per cent and 1.69 per cent, respectively. Energy Minister Khalid al-Falih said on Sunday that kingdom would cut production by more than 500,000 barrels per day in December. Facebook gave up 2.5 percent and JPMorgan Chase fell 1.8 percent.

CURRENCIES: The dollar slipped to 113.79 yen from 113.80 yen on Friday. The euro fell to $1.1240 from $1.1336.

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

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. Australia's S&P-ASX 200 gained 0.3 percent.

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