Tech giants slide, pulling US stock market sharply lower

Tech stocks are getting slammed, Dow drops more than 400 points

Stocks closed sharply lower Monday, pulling the Dow Jones Industrial Average down 600 points. The tech tumble followed an analyst report that suggested Apple significantly cut back orders from one of its suppliers.

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

In other markets, West Texas Intermediate Crude fell for the 11th session to $59.03 per barrel, gold dropped to $1,201.10 per ounce, the return on 10-year Treasury Bonds retreated to 3.186 percent and the dollar gained ground against the euro, which closed at $1.1221. The Nasdaq composite slid 172 points, or 2.3 percent, to 7,234.

The S&P 500 index fell 39 points, or 1.4 percent to 2,741.

About 90 percent of S&P 500 companies have reported third-quarter results so far, with some 51 percent of those posting earnings and revenue that topped Wall Street's forecasts, according to S&P Global Market Intelligence. Goldman Sachs was the biggest drag on the Dow, which fell more than 2 percent. Apple slumped 5 percent, Amazon dropped 4.4 percent and Goldman Sachs gave up 7.5 percent.

Apple sank 4.8 per cent and Amazon lost 4.5 per cent. Facebook gave up 2.5 per cent and JPMorgan Chase fell 1.8 per cent.

A holiday in the U.S. bond markets for Veterans Day kept trading volume muted.


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

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

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. Shares of USA chipmaker NVIDIA pulled back 6.90 percent.

CURRENCIES: The dollar slipped to 113.79 yen from 113.80 yen on Friday. The British pound weakened to $1.2847 from $1.2975 amid concerns that Britain's government is struggling to find unity on a Brexit deal. Shares of Apple fell 0.4 percent, breaking below its 200-day moving average, a key technical level watched by investors.

Major stock indexes in Europe also ended lower Monday.

ENERGY: Benchmark U.S. crude fell $1.26 to $58.67 per barrel in electronic trading on the New York Mercantile Exchange. Japan's Nikkei 225 added 0.1 percent, while Hong Kong's Hang Seng rose 0.1 percent.

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