Tech stock sell-off pushes markets lower

Stocks fall sharply as tech firms drop Dow loses about 600 points

The facade of the New York Stock Exchange is shown

The Dow Jones Industrial Average fell 170 points on Tuesday as the US equity market struggled to rebound after a steep sell-off in the previous session.

USA stocks traded sharply lower on Monday as steep losses in Apple's stock dragged tech shares, weighing on the broad market. Banks also took heavy losses. Eastern Time. The Dow fell 444 points, or 1.7 percent, to 25,544. The Nasdaq composite slid 178 points, or 2.4 per cent, to 7,228.

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

The S&P 500 is up 52.61 points, or 2 per cent. Shares of Amazon and Alphabet decreased 4.41 percent and 2.58 percent, respectively. Shares of Align Technology and NVIDIA slid 7.91 percent and 7.84 percent, among the worst performers in the Nasdaq.

The Russell 2000 is down 20.71 points, or 1.3 per cent.

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.

ASIA'S DAY: Japan's benchmark Nikkei 225 inched up 0.2 per cent to finish at 21,846.48, while Australia's S&P/ASX 200 lost 1.7 per cent to 5,732.80.

"Connor Campbell, a financial analyst at Spreadex, said this morning on United States trade: ".the Dow Jones is set to join the rebound, with the futures having the index rising 150 points as the markets cheer reports that trade talks have been restarted between the USA and China.

Lumentum shares plunged 33 per cent. Shares of several chipmakers that sell to Apple, such as Cirrus Logic Inc, Qorvo Inc and Skyworks Solutions Inc, dropped as well. The U.S. and China have raised tariffs on billions of dollars of each other's goods.

Earlier in the day, President Donald Trump claimed, without evidence, that the Democrats' gains in last week's mid-term elections were causing the stock market woes.

Energy stocks also accelerated their decline toward the end of the session as oil prices fell. 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.

"Hopefully, Saudi Arabia and OPEC will not be cutting oil production", he said. Brent crude, used to price global oils, picked up 0.3 percent to $70.38 per barrel in London.

Traders work at the New York Stock Exchange in New York, the United States, Nov. 12, 2018. The euro rose to $1.1252 from $1.1218.

The dollar strengthened to 113.86 yen from 113.80 yen on Friday.

Latest News