[ad_1]
(Reuters) – The Nasdaq Composite Index dropped about 2.5% on Monday, hit by the fall of Apple Inc. shares after two vendors cut their forecasts, resulting in a mbadive selloff Other manufacturers of iPhone components that weigh on technology stocks. Apple stocks fell 4.4% to $ 195.40, their lowest level since July 27, after Lumentum Holdings Inc., the leading provider of Face ID technology, and screen maker Japan Display Inc. have reduced their forecasts.
Lumentum plunged 29.6% and resulted in other Apple suppliers. , many chip makers like Cirrus Logic Inc., Qorvo Inc. and Skyworks Solutions Inc.
The tech sector, which has fueled much of the rise in the US stock market, has fallen 3.2%, while the Philadelphia SE Semiconductor index fell 4.1%.
"These are growth stocks, with very little growth away from the company making it less desirable," said Kim Forrest, Senior Portfolio Manager at Fort Pitt Capital Group in Pitt. sburgh.
"I do not think it necessarily means that the technology is being rejected by consumers, we were perhaps expecting too much new phone sales in the short term."
Earlier, a rebound in Oil prices somewhat relieved energy stocks, but they gave way to general selling pressure, S & P energy index decreasing by 1, 2%
At 1:18 pm, the Dow Jones Industrial Average was down 492.79 points, or 1.90%. at 25,496.51, the S & P 500 index was down 45.77 points, or 1.65%, at 2,735.24 and the Nasdaq Composite was down 188.37 points, or 2 , 54%, at 7,218.53.
Holiday on US bond markets for Veterans Day could maintain trading volumes Analysts said: "With the closing of the bond market, there is no longer a catalyst to push the market above, "said Lindsey Bell, investment strategist at CFRA Research in New York.
Nine of the top eleven S & P sectors were down, with slight gains seen in defensive real estate and
Goldman Sachs Group Inc. fell 7.1 percent, the most on the Dow. Malaysia's finance minister, Lim Guan Eng, said the country was seeking full repayment of all fees paid to Wall Street Bank for concluding billions of dollars worth of transactions for the state fund. 1MDB difficulty, reported Bloomberg. The financial sector declined 1.6%.
General Electric shares fell 10% below the $ 8 mark for the first time since March 2009, following the announcement of Larry Culp, Chief Executive Officer. the company was too indebted and would sell badets urgently in order to reduce debt levels.
The number of declining stocks was higher than the promoters with a ratio of 1.98 to 1 on the NYSE and a ratio of 2.50 to 1 on the Nasdaq. 19659002] The S & P index posted 28 new highs over 52 weeks and 10 new lows, while the Nasdaq recorded 17 new highs and 124 new lows.
(Report of Sruthi Shankar in Bengaluru, edited by Shounak Dasgupta)
Source link
