Thomson Reuters
Stocks fell Monday, dragged lower by mega-cap technology companies, as Wall Street worried about global growth and trade tensions amid a quiet week for economic data.
The tech-heavy Nasdaq 100 index plummeted more than 2.5%. It’s on pace for its lowest close since the beginning of May, having fallen almost 13% since reaching a record on August 29.
Also Monday, the S&P 500 fell 1.3% and the Dow Jones Industrial Average shed 1.3%, or more than 300 points.
Apple dropped more than 3% after The Wall Street Journal reported that the company slashed production orders in recent weeks for all three of its new iPhones unveiled in September.
iPhone suppliers, including Lumentum Holdings Inc. (-5.6%) and Universal Display Corp (-2.6%), were also hit amid worries about faltering demand. Shares of the world’s biggest technology company are down more than 10% this month.
Other FAANG stocks took a beating, with Amazon down more than 3.5% and Netflix about 4.5% lower. Facebook shed 4.6%, and Google’s parent company, Alphabet, fell 2.5%.
Semiconductor companies extended sharp declines from last week when Nvidia (-8%) posted revenue and guidance that missed analyst expectations. Advanced Micro Devices (-4.7%), Cypress (3%), and NXP Semiconductors (1.5%) were among losers in the sector.
Trade tensions continued to weigh on global markets after the US and China clashed at a summit in Papua New Guinea over the weekend, blocking a declaration at the annual Asia Pacific Economic Cooperation for the first time in nearly three decades. President Donald Trump and Chinese President Xi Jinping are expected to meet at a G20 gathering in Argentina from November 30 to December 1.
“Comments on US-China trade tensions are likely to remain in focus this week ahead of the G20 Summit at the end of the month,” Vince Heaney, a strategist at UBS, said in an email.
from Viral Trendy Update https://ift.tt/2QQyLad
via IFTTT
0 Comments