At midday: Dow falls over 300 points as Apple drops

Jeannie Matthews
November 15, 2018

Apple shares fell 5 percent after several suppliers to the company, including Lumentum Holdings Inc, 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 dropped 2 percent as financials tanked, led by Goldman Sachs. Visit MarketWatch.com for more information on this news.

The S&P tech sector was also up about 1 %, with shares of Facebook, Amazon.com and Netflix all trading higher. Brent crude, used to price global oils, picked up 1 percent to $70.91 per barrel in London.

Stocks closed sharply lower Monday, pulling the Dow Jones Industrial Average down 600 points.

US-CHINA TRADE: Markets in Shanghai and Hong gained after the South China Morning Post reported Chinese President Xi Jinping's top economic adviser, Vice Premier Liu He, might visit Washington ahead of Xi's planned meeting with U.S. President Donald Trump.

"That could actually probably boost the market, " Bell said.

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 Nasdaq composite lost 87 points, or 1.2 percent, to 7,319.

The Russell 2000 small cap index shed 0.15% to conclude at 1,516. Shares of Apple fell 0.4 percent, breaking below its 200-day moving average, a key technical level watched by investors.

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The Canadian dollar edged higher against a broadly stronger USA dollar on Monday, supported by a bounce in the price of oil, but remained close to the multi-month low touched on Friday. The Philadelphia SE Semiconductor index dropped 4.4%.

A steep drop in technology companies sent USA stocks sharply lower, knocking off more than 400 points from the Dow Jones Industrial Average.

The tech-heavy index now has a slight loss for the year.

Major stock indexes in Europe also ended lower Monday. 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. Brent crude, used to price worldwide oils, picked up 0.3 percent to $70.38 per barrel in London.

ENERGY: Benchmark U.S. crude gave up an early gain, sliding 0.2 percent to $60.06 per barrel in NY. Prior to Monday's increase, crude futures had fallen for 10 straight trading sessions.

"Hopefully, Saudi Arabia and OPEC will not be cutting oil production", he said.

The market had anticipated that exports from OPEC member Iran would fall precipitously following the institution of USA sanctions in November.

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