Stocks fell for a third straight day Monday, with technology leading the way lower amid worries about waning iPhone demand.
Stocks fell for a third straight day Monday, with technology leading the way lower amid worries about waning iPhone demand.
The Nasdaq Composite fell 2.4%, while the Dow Jones Industrial Average was lower by 2%, or more than 500 points. The S&P 500 shed 1.6%.
Apple sank 4.5% Monday after the facial-recognition supplier Lumentum cut its outlook, prompting worries of slowing demand for the iPhone.
Chipmakers were hit especially hard, with AMD shedding 8.7% while Nvidia and Intel lost 7.5% and 2.7%.
Elsewhere, tobacco stocks were pressured after The Wall Street Journal reported late Friday that the US Food and Drug Administration was considering a ban on menthol cigarettes. British American Tobacco slumped as much as 9.9% in London, and Altria was down 2.9% in New York. RELATED: Check out the floor reactions to the stock market plunge in February 2018:
And General Electric plunged to a post-financial-crisis low of $7.72 a share after CEO Larry Culp appeared on CNBC and said he was looking at selling assets to reduce leverage.
On the earnings front, the marijuana producer Aurora Cannabis announced a big jump in revenue and profit, but the stock slid 2.8%.
And in deal news, the German database giant SAP announced it would buy the experience-management startup Qualtrics for $8 billion. That news came just days before Qualtrics was expected to go public at a valuation of more than $5 billion. Meanwhile, the private-equity firm Veritas Capital and the hedge fund Elliott Management reached an all-cash deal to purchase the US healthcare software maker Athenahealth for about $5.7 billion, a 12% premium to where shares closed Friday.
Elsewhere, the Saudi energy minister, Khalid al-Falih, told reporters the kingdom was ready to cut oil production by 500,000 barrels a day in December. West Texas Intermediate crude oil, the US benchmark, and Brent Crude oil, the international benchmark, rallied sharply before President Donald Trump sent prices lower with a tweet.
« Hopefully, Saudi Arabia and OPEC will not be cutting oil production, » he said. « Oil prices should be much lower based on supply! »
The US Treasury market was closed in observance of Veterans Day.
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