A broad sell-off in technology companies pulled USA stocks sharply lower Monday, knocking off more than 450 points from the Dow Jones Industrial Average. The tech tumble followed an analyst report that suggested Apple significantly cut back orders from one of its suppliers. Banks and consumer-focused companies and media and communications stocks also took heavy losses.
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 Jones Industrial Average closed off by 602 points or just over two per cent to 25,387 as technology companies like Microsoft, Intel, Cisco and Apple were all sharply lower. The Nasdaq Composite Index dropped 206.03 points, or 2.78 percent, to 7,200.87.
The S&P 500 index fell 46 points, or 1.7 percent to 2,734. Sydney's S&P-ASX 200 retreated 1.8 percent to 5,834.20 and Hong Kong's Hang Seng gained 0.5 percent to 25,750.52.
The Dow is down 702.81 points, or 2.7 percent.
Rajon Rondo of Los Angeles Lakers breaks hand, out 'a few weeks'
With under four minutes left, James tied and then passed Chamberlain after making an and-1 basket and the following free throw. In the post game, James also praised another Laker great, Shaquille O'Neal. "I just know he will be out for a few weeks ".
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.
Stock indexes spent the morning on an upswing after White House economic adviser Larry Kudlow told CNBC that the United States and China are talking on "all levels" of government.
"Connor Campbell, a financial analyst at Spreadex, said this morning on USA 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 U.S. and China.
Apple and Amazon each lost 4.5 percent Monday. London's FTSE 100 added 0.3 percent to 7,073. The U.S. and China have raised tariffs on billions of dollars of each other's goods. The report comes ahead of a meeting between President Donald Trump and Chinese President Xi Jinping. "Oil prices should be much lower based on supply!"
Lynching remark puts spotlight on Mississippi Senate race
Mississippi Republican Senator Cindy Hyde-Smith facing criticism for joking about attending a hanging in an online video . Senator Cindy Hyde-Smith joins President Donald Trump onstage at a campaign rally in Southaven, Miss., Oct. 2, 2018.
OPEC: Saudi Arabia said the oil cartel and allied crude producers will likely need to cut supplies, perhaps by as much as 1 million barrels of oil a day, to rebalance the market after US sanctions failed to cut Iran's output.
Brent crude futures were up 70 cents at $70.88 a barrel, following four sessions of losses.
"Hopefully, Saudi Arabia and OPEC will not be cutting oil production", he said.
FILE- In this November 7, 2018, file photo trader Timothy Nick, center, works with specialist Michael O'Mara on the floor of the New York Stock Exchange.
CURRENCIES: The dollar strengthened to 113.85 yen from 113.80 yen on Friday.
Deepika Padukone and Ranveer Singh Wedding
Grand receptions are planned in Bengaluru and Mumbai post wedding. "Lots of love, Deepika and Ranveer", read the statement. Interestingly, they will be having their wedding ceremonies at the lovely Villa del Balbianello in Lake Como .
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