Apple, Goldman Sachs send Wall Street tumbling

Daniel Fowler
November 15, 2018

The Dow Jones industrial average shed more than 600 points yesterday as Amazon, Apple and other technology companies led a sell-off on Wall Street. Apple shares fell 5% after several suppliers to the company, including Lumentum Holdings, whose components power the iPhone's Face ID technology, cut their forecasts.

Canada's main stock index also fell on Monday, weighed by losses in shares of precious metal miners as gold prices hit its lowest in a month. The S&P 500 was down 38.05 points, or 1.37 per cent, to 2,742.96, Xinhua news agency reported. On Monday, along with sharp losses for the Dow, the S&P and Nasdaq Composite fell 2% and 2.8%, respectively.

The Nasdaq composite slid 206.03 points, or 2.8 percent, to 7,200.87.

The S&P 500 index fell 46 points, or 1.7 percent to 2,734.

The S&P 500 index fell 16 points, or 0.6 per cent to 2,764.

Elsewhere, oil prices fell more than 2 percent Tuesday, with Brent crude slipping below the $70-per-barrel mark and U.S. West Texas Intermediate crude dropping below the $60 threshold. Shares of Align Technology and NVIDIA slid 7.91 percent and 7.84 percent, among the worst performers in the Nasdaq. Amazon gave up 3.9 percent to $1,645.64.

On the other hand, Athenahealth jumped 9.6 percent after the struggling medical billing software maker received a $5.7 billion cash buyout offer.

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ENERGY: Benchmark U.S. crude bounced back from 10 days of losses, climbing 0.7 percent to $60.64 per barrel in NY.

The price of oil also fell, with Brent Crude, the global benchmark, dropping to under $69 while West Texas Intermediate, the USA measure slipped to under $59. Oil futures rose on news that major producers planned to reduce output.

United States stocks saw their worst trading day of the month to start the week, with Apple leading the tech sector down, while Goldman Sachs helped propel financials lower. Energy Minister Khalid al-Falih said on Sunday that kingdom would cut production by more than 500,000 barrels per day in December.

The dollar strengthened to 113.86 yen from 113.80 yen on Friday. The British pound weakened to $1.2849 from $1.2975 amid concerns that Britain's government is struggling to find unity on a Brexit deal. Germany's DAX lost 1.8 percent and France's CAC 40 fell 0.9 percent.

In Canada, Toronto's TSX lost 0.19% to trade around 15,128.

Major stock indexes in Europe also ended lower Monday. In Asia, markets finished mixed.

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

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