Markets Right Now: Tech weakness weighs on stock market

16 November, 2018, 09:18 | Author: Shannon Aguilar
  • Tech stocks are getting slammed, Dow drops more than 400 points

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

The S&P 500 index dropped 43 points, or 1.6 per cent, to 2,737 as of 1:07 pm Eastern Time. The Dow gave up 2.3 percent to 25,387.18. The Nasdaq Composite closed just along the flatline at 7,200.87. The Russell 2000 index of smaller companies gave up 15 points, or 1 per cent, to 1,534. The S&P 500 shed 2%.

The Dow is up 667.96 points, or 2.7 per cent.

Apple stock slid 4.4 percent after Lumentum Holdings, which makes technology for the iPhone's face-recognition function said one of its largest customers asked the company to "materially reduce shipments" for its products.

The Russell 2000 is down 20.71 points, or 1.3 percent.

US-CHINA TRADE: Markets in Shanghai and Hong gained after the South China Morning Post newspaper 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.

Apple Inc, a component of the Dow tumbled almost 4% after Lumentum Holdings Inc (one of its primary suppliers) trimmed its fiscal 2019 second-quarter top and bottom line forecast.

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Mahomes finished 21-of-28 passing for 249 yards passing, ending a streak of eight-straight games with 300 yards passing. The Chiefs have benefited from playing with the lead, on occasion a sizable one, in many of their games.

The stock market was coming off a two-week winning streak for the benchmark S&P 500. London's FTSE 100 added 0.3 percent to 7,073.

"We could see a reflex in global growth that could prompt slightly higher oil prices but I would say oil is certainly facing plenty of headwinds when you look at that supply and demand dynamic and I don't think that's going to change in the immediate future". The U.S. and China have raised tariffs on billions of dollars of each other's goods.

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.

Brent crude futures were up 70 cents at $70.88 a barrel, following four sessions of losses.

"The valuation in tech sector could potentially go lower and the semiconductors are really going to weigh in the near-term, especially with the fresh releases in numbers and the China situation", said Lindsey Bell, investment strategist at CFRA Research in NY. The euro rose to $1.1252 from $1.1218.

CURRENCIES: The dollar strengthened to 113.85 yen from 113.80 yen on Friday.

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