Markets Right Now: Tech, internet stocks lead early declines

15 November, 2018, 01:20 | Author: Regina Silva
  • U.S. stocks were broadly lower on Tuesday led down by technology shares

A steep drop in technology companies sent US stocks sharply lower Monday, knocking off more than 500 points from the Dow Jones Industrial Average.

TECH TUMBLE: Apple tumbled 4.2 percent to $195.97 after Wells Fargo analysts said the iPhone maker is the unnamed customer that optical communications company Lumentum Holdings said was significantly reducing orders. The S&P 500 technology sector index fell 3.5 percent, and the financial sector index fell 2.0 percent. Apple's decline impeded the tech-heavy Nasdaq, which fell more than 2 percent.

In Canada, meanwhile, Toronto's TSX was also still rushing upwards to rise by almost 55 points and hit 15,211 while the Russell 2000 index of small-cap stocks jumped by 8 points to reach 1,526. The Standard & Poor's 500 technology sector, a major driver of the long bull run in stocks, fell 3 percent.

Goldman Sachs stock fell more than 7 percent amid reports Malaysia would seek to have the investment firm pay a multimillion-dollar refund for its role in the 1Malaysia Development Berhad money-laundering scandal.

The Nasdaq composite lost 190 points, or 2.6 percent, to 7,214.

Amazon slid 4.4 percent to $1,636.85.

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LIFELINE EXTENDED: Athenahealth jumped 9.6 percent to $131.96 after the struggling medical billing software maker received a $5.7 billion cash buyout offer. US crude rose 60 cents to $60.79 a barrel, the first increase after the longest stretch of daily declines since 1984. Apple slumped 5 percent. Both West Texas Intermediate and Brent Crude oil rallied sharply before a tweet from President Donald Trump sent prices lower by more than 1%.

After a weekend meeting, the oil cartel announced that Saudi Arabia plans to reduce exports by around 500,000 barrels a day from November to December. Seoul's Kospi gave up 0.4 percent to 2,071.23 and India's Sensex added 0.4 percent to 34,953.81.

The unease in the market also resulted in a drop in USA crude oil and an increase in the dollar.

OPEC: The price of oil was down after Trump tweeted that he hoped Saudi Arabia and OPEC would not cut production. Banks were the hardest hit and the Austraian dollar also took a hammering as the greenback climbed to its highest level against a basket of currencies since June 2017. Silver lost 0.9 percent to $14.01 an ounce.

Hong Kong's Hang Seng closed the day up 0.1 percent. Germany's DAX lost 1.8 percent and France's CAC 40 fell 0.9 percent.

The tech-laden Nasdaq gained 0.21% to end at 7,216.

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