A steep drop in technology companies sent US stocks sharply lower Monday, knocking off more than 500 points from the Dow Jones Industrial Average. USA stocks closed sharply lower on Monday, as steep losses in Apple shares led the tech rout, dragging the market. The S&P 500 fell 54.79 points, or 1.97 percent, to 2,726.22.
Wall Street's sell-off gathered pace on Monday afternoon, with the benchmark Dow Jones Industrial Average briefly shedding two percent as shares in Apple continued to weaken.
The Nasdaq composite lost 190 points, or 2.6 per cent, to 7,214.
The S&P 500 index fell 46 points, or 1.7 percent to 2,734.
Such news should have only affected specific businesses and sectors, but instead, 414 out of the 504 companies on the S&P 500 declined on Monday, with only the defensive sectors managing to end the day in green.
A steep drop in technology companies sent USA stocks sharply lower, knocking off more than 400 points from the Dow Jones Industrial Average. The Philadelphia SE Semiconductor index dropped 4.4 percent.
Earlier, a rebound in oil prices had offered some relief to energy stocks, but they succumbed to the broader selling pressure, with the S&P energy index down 1.3 percent.
Stock indexes spent the morning on an upswing after White House economic adviser Larry Kudlow told CNBC that the U.S. and China are talking on "all levels" of government.
"Connor Campbell, a financial analyst at Spreadex, said this morning on USA trade: ".the Dow Jones is set to join the rebound, with the futures having the index rising 150 points as the markets cheer reports that trade talks have been restarted between the U.S. and China.
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Apple Inc, a component of the Dow tumbled almost 4% after Lumentum Holdings Inc (one of its primary suppliers) trimmed its fiscal 2019 second-quarter top and bottom line forecast.
In Europe, FTSE 100 is up around 12 points at the time of writing; the DAX is up by about 84 and the CAC 40 is ahead by around 20 points.
"The U.S. dollar is too strong, as we can see how that affects the U.S. Companies to sell overseas". Oil futures rose earlier on news that Saudi Arabia and other major producers planned to reduce output.
A steep drop in technology companies sent US stocks sharply lower, knocking off more than 400 points from the Dow Jones Industrial Average.
ENERGY: Benchmark U.S. crude gave up an early gain, sliding 0.2 percent to $60.06 per barrel in NY.
OPEC: The price of oil was down after Trump tweeted that he hoped Saudi Arabia and OPEC would not cut production.
The price of oil also fell, with Brent Crude, the worldwide benchmark, dropping to under $69 while West Texas Intermediate, the United States measure slipped to under $59. The euro fell to $1.1246 from $1.1336.
CURRENCIES: The dollar gained 114.01 yen from Monday's 113.84 yen.