Wall Street plunges like Apple, commercial concerns worry investors

The S & P 500 index fell 45 points, or 1.7%, to settle at 2,690. The Dow lost 395 points, or 1.6%, to 25,017. 39, was down as much as 512 earlier. The Nasdaq composite lost 219 points, or 3%, to 7,028 points.

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He sets up the Australian trading market for a negative start to the day, with futures contracts falling by 18 points.

Since FANG's outperformance reached its peak on August 30, the group has underperformed the S & P 500 by 16.25%. This is their worst underperformance since the first half of 2014, where they had underperformed by about 20%.

"You see this rotation away from the technology, the indices are much more growth-oriented because of the sheer size of these companies, and they dominate the indices.You will get a bigger underperformance of the growing names." said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.

Over the weekend, leaders in the Asia-Pacific region meeting in Papua New Guinea failed to agree on a communiqué for the first time, US trade concerns Chinese being in the foreground.

US Vice President Mike Pence said Saturday in a direct speech that the United States would not retreat on their trade dispute with China, unless Beijing complies with US demands, slowing the pace of trade. commercial optimism sparked Friday by the comments of President Donald Trump.

New York Fed President John Williams said on Monday that the US central bank was going ahead with plans to gradually raise interest rates next month, as it was moving towards a more normal policy, which may have increased the pressure on equities.

Some investors have wondered whether the Fed could continue to raise interest rates, which could hurt growth.

Richard Clarida, the new vice president of the Fed, said on Friday that US rates were close to the Fed's estimates of a neutral rate, which "makes sense".

Shares of Apple suppliers were also affected, including Lumentum Holdings Inc., Universal Display Corp, Cirrus Logic Inc and Skyworks Solutions Inc.

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The Philadelphia SE Semiconductor Index, which also includes some Apple vendors, lost 3.1%, further extending losses from the previous session.

Trading volumes were meager during a shortened week on vacation, before Thanksgiving Thursday and a shorter session on Friday, resulting in slight volatility for the markets, traders said.

Falling issuance outnumbered growth on the NYSE by 2.70 / 1; on the Nasdaq, a ratio of 2.88 to 1 favored the decline.

The S & P 500 recorded 26 new highs in 52 weeks and 17 new lows; the Nasdaq Composite recorded 16 new highs and 140 new lows.