Published: Fri, November 16, 2018
Finance | By Cynthia Curry

US stocks trade lower amid Apple losses

US stocks trade lower amid Apple losses

The Dow Jones Industrial Average was down 456.55 points, or 1.76 per cent, at 25,532.75, the S&P 500 was down 44.59 points, or 1.60 per cent, at 2,736.42 and the Nasdaq Composite was down 190.64 points, or 2.57 per cent, at 7,216.27.

Technology stocks led the broad market slide after a report that suggested Apple cut back orders significantly from a parts supplier rattled investors.

Banks and consumer-focused companies and media and communications stocks also took heavy losses Monday.

The Dow Jones Industrial Average was off by more than 500 points or roughly two per cent to 25,493 as technology companies like Microsoft, Intel, Cisco and Apple were all sharply lower. The Nasdaq Composite fell by 2.78% or 206.03 points.

The Russell 2000 index of smaller companies gave up 3.99 points, or 0.3 percent, to 1,514.80.

The technology sector was down more than 2.8 percent, leading the laggards in the 11 primary S&P 500 sectors.

Monday's decline followed a hard month of October that saw the Dow lose 5 percent and the Nasdaq fall 9 percent.

The Russell 2000 is down 20.71 points, or 1.3 percent.

ASIA'S DAY: Japan's benchmark Nikkei 225 inched up 0.2 per cent to finish at 21,846.48, while Australia's S&P/ASX 200 lost 1.7 per cent to 5,732.80.

Brexit draft causes turmoil in U.K. Parliament
She would need the backing of 158 Tory MPs to see off the Brexiters' challenge, and her position would then be safe for 12 months. The Democratic Unionist Party , which props up May's minority government, also signalled that it would not vote for the deal .

In Europe, London's FTSE traded lower by 0.2 percent, Germany's DAX was lower by 0.9 percent and France's CAC declined 0.3 percent.

Lumentum shares plunged 33 per cent. Shares of several chipmakers that sell to Apple, such as Cirrus Logic Inc, Qorvo Inc and Skyworks Solutions Inc, dropped as well.

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

"The U.S. dollar is too strong, as we can see how that affects the U.S. Companies to sell overseas".

Treasury secretary Steve Mnuchin and Chinese Vice Premier Liu He have kicked off negotiations about a possible trade pact ahead of the G20 summit in Argentina where President Donald Trump and President Xi are to meet.

Saudi Arabia's Energy Minister Khalid al-Falih had said earlier that day that OPEC agreed there was a need to cut oil supply next year by around 1 million barrels per day (bpd) from October levels.

OPEC: Saudi Arabia said the oil cartel and allied crude producers will likely need to cut supplies, perhaps by as much as 1 million barrels of oil a day, to rebalance the market after USA sanctions failed to cut Iran's output. Brent crude, used to price global oils, dipped 0.1 percent to close at $70.12 per barrel in London.

Visit MarketWatch.com for more information on this news. The euro fell to $1.1246 from $1.1336.

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