Tech Stocks Sell-off Pulls Down Major Stock Indexes

Randal Sanchez
November 16, 2018

The Dow Jones Industrial Average plummeted by 602.12 points or 2.23% at the closing bell on Monday amid a firming US dollar, according to MarketWatch. US stocks closed sharply lower on Monday, as steep losses in Apple shares led the tech rout, dragging the market.

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

The S&P 500 index dropped 40 points, or 1.5 percent, to 2,740 as of 1:29 p.m.

The Dow Jones industrial average shed more than 600 points yesterday as Amazon, Apple and other technology companies led a sell-off on Wall Street. The Nasdaq Composite closed just along the flatline at 7,200.87.

In Canada, meanwhile, Toronto's TSX was also still rushing upwards to rise by almost 55 points and hit 15,211 while the Russell 2000 index of small-cap stocks jumped by 8 points to reach 1,526. Seoul's Kospi gave up 0.4 percent to 2,071.23 and India's Sensex added 0.4 percent to 34,953.81.

The Nasdaq composite lost 190 points, or 2.6 percent, to 7,214.

Up in Canada, Toronto's TSX rose 52 points to hit 15,208, lifted by the renewed hope of US-China trade talks while the Russell 2000 index of small-cap stocks added 9 points to 1,528.

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Stock indexes spent the morning on an upswing after White House economic adviser Larry Kudlow told CNBC that the USA and China are talking on "all levels" of government. The selling snared big names including Apple, Amazon and Goldman Sachs.

With yesterday's losses, all three indexes erased the gains from their brief rally after the United States congressional elections on November 6.

In Europe, London's FTSE traded lower by 0.2 percent, Germany's DAX was lower by 0.9 percent and France's CAC declined 0.3 percent. The U.S. and China have raised tariffs on billions of dollars of each other's goods.

Oil gained as Saudi Arabia signaled it would cut production in December, but rolled over after President Donald Trump tweeted his displeasure.

British American Tobacco slumped as much as 9.9% in London, and Altria was down 3% in NY. The fall in prices comes despite OPEC agreeing on the need to cut Oil supply by around 1 million barrels per day from October's level to prevent oversupplying the market. Russian oil minister Alexander Novak said at a meeting of oil producers in Abu Dhabi that his country was open to cuts. Brent crude, used to price worldwide oils, lost 81 cents to $69.33 in London. The euro rose to $1.1252 from $1.1218.

CURRENCIES: The dollar slipped to 113.79 yen from 113.80 yen on Friday.

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