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(Reuters) – Wall Street was down on Monday, owing to a drop in the Apple stock due to concerns over demand in the tech sector, as contradictory signals of a possible truce in China -United States. trade dispute added to the nervousness of the market.
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, United States on November 12, 2018. REUTERS / Brendan McDermid
Shares of Apple Inc. fell 2.5% after the Wall Street Journal announced that the company had reduced its production orders in recent weeks for the three iPhone models launched in September.
The iPhone maker's shares are down 11.6% this month, following expectations of sales below expectations for the holiday quarter and a series of weak forecasts from several of its suppliers.
Shares of Apple suppliers were also affected, with decreases ranging from 1.5% to 4.8%, including Lumentum Holdings Inc., Universal Display Corp, Cirrus Logic Inc and Skyworks Solutions Inc.
The rest of the so-called FAANG shares – Facebook Inc., Amazon.com Inc., Netflix Inc and Alphabet Inc. – lost between 3% and 1.3%. Micron Technology Inc. fell 1.7% after a report that Chinese authorities are alleging "ample evidence" of antitrust violations by the world's three largest chip manufacturers – the latest industrial dispute that threatens to upset global trade relations.
The Philadelphia SE Semiconductor Index fell 1.1%, prolonging losses from the previous session after Nvidia Corp's disappointing forecasts weighed on the sector.
Eight of the top 11 sectors of S & P were down, driven by a 1.9% decline in technology shares.
At 9:52 am EST, the Dow Jones Industrial Average Index was down 96.70 points, or 0.38%, to 25,316.52%, the S & P 500 in down 11.02 points, or 0.40%, to 2,725.25 and the Nasdaq Composite down 72.18 points, or 1.00%. to 7175.69.
Over the weekend, leaders in the Asia-Pacific region failed to agree on a statement for the first time in their history at a meeting in Papua New Guinea on between the United States and China.
US Vice President Mike Pence said on Saturday that the US would not give up its trade dispute with China and could even double its tariffs unless Beijing complies with US demands Friday's business optimism sparked by comments from US President Donald Trump.
"The markets are a little cautious about Pence's comments this weekend and the fact that they could not get a press release from the APEC meeting," said Robert Pavlik, strategist Chief Investment Officer and Senior Portfolio Manager at SlateStone Wealth LLC. At New York.
Boeing Co and Caterpillar Inc., considered trade-sensitive securities, fell 1.5% and 1%, respectively.
China's JD.com Inc. fell 6.2% after posting third-quarter revenue lower than analysts' estimates of sluggish sales in its core e-commerce business.
Falling issues outnumbered defenders for a ratio of 1.30 to 1 on the NYSE and a ratio of 1.58 to 1 on the Nasdaq.
The S & P index recorded 22 new highs over 52 weeks and three new lows, while the Nasdaq recorded 11 new highs and 39 new lows.
Reportage of Medha Singh in Bengaluru; Edited by Anil D & # 39; Silva
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