Dow tanks 600 points, tech gets rocked

Dow tanks 600 points, tech gets rocked

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. Laser sensor maker Lumentum Holdings, the parts supplier, itself nosedived almost 33 percent. The S&P 500 technology sector index fell 3.3 per cent, and the financial sector index fell 1.8 per cent.

General Electric Co shares fell 6.9% after new chief executive officer Larry Culp said the company was saddled with too much debt and would urgently sell assets to reduce leverage. Amazon gave up 3.9 percent to $1,645.64.

A broad sell-off in technology companies pulled USA stocks sharply lower Monday, knocking off more than 450 points from the Dow Jones Industrial Average.

Market sentiment was dented by Apple's decline as well as losses in Europe, Larry Benedict, CEO & founder of The Opportunistic Trader, a USA market research firm, told Xinhua.

THE QUOTE: "Tech is definitely weighing (on the market)", said Lindsey Bell, investment strategist at CFRA.

Technology stocks took some of the biggest losses Monday.

Also, investors were said to be fearful of new tariffs resulting from trade tensions and the Federal Reserve's potential interest rate hike next month.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 1.8 per cent.

The Russell 2000 small cap index shed 0.15% to conclude at 1,516.

At 11:32 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was down 117.76 points, or 0.77 per cent, at 15,156.74.

Marijuana producers led a 3.2-per-cent drop in health care stocks. Goldman Sachs was the biggest drag on the Dow, which fell more than 2 percent. "We continue to like tech going into next year, but we think it could be a little bit of a rocky period for the group as we continue through the last two months of the year".

MARKETS OVERSEAS: Major stock indexes in Europe declined.

Oil prices rose about 1 percent on Monday, breaking a stretch of losses, after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day next year. Saudi Arabian energy minister Khalid al-Falih said Sunday that the kingdom will reduce exports by around 500,000 barrels a day from November to December. Both West Texas Intermediate and Brent Crude oil rallied sharply before a tweet from President Donald Trump sent prices lower by more than 1%. Shares of US chipmaker NVIDIA pulled back 6.90 percent.

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