U.S. stocks take sharp losses as tech, internet companies drop

23 November, 2018, 14:04 | Author: Kevin Carter
  • Vincent Napolitano

Big technology and internet companies came under heavy selling pressure again on Monday, leading to broad losses across the stock market.

Retailers also fell, and energy companies plunged with oil prices as the market sank back into the red for the year.

The Cboe Volatility Index, the most widely followed barometer of expected near-term volatility for the S&P 500, was down 1.68 points at 20.8.

The Dow Jones Industrial Average rose 99.38 points, or 0.41 percent, to 24,565.02, the S&P 500 gained 17.49 points, or 0.66 percent, to 2,659.38 and the Nasdaq Composite added 89.75 points, or 1.3 percent, to 6,998.57. The large-company stock index, considered a proxy for the health of the broader market, briefly dipped 10 percent below its September 20 high, putting it back in so-called "correction territory".

The S&P 500 is down 94.38 points, or 3.4 percent. Nokia and Ericsson, two top suppliers of telecom networks, each fell about 3 per cent. SAP, which provides business software and cloud computing services, was down over 1 per cent, as was chip maker Infineon Technologies. Microsoft fell 3.4% to $104.62.

Sydney's S&P-ASX 200 was 0.4 percent lower at 5,671.80 and India's Sensex declined 0.6 percent to 35,559.08. Google's Alphabet shares dropped by 1.4 percent.

The Nasdaq is up 68.86 points, or 1 percent.

Shares of Apple are officially sitting in a bear market, down 20 percent from October's record levels, as investors worry about some weakness in iPhone sales. The yield on the 10-year Treasury note remained at 3.06 percent.

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S&P 500 measures the performance of 500 widely held common stocks of large-cap US companies.

The Dow Jones Industrial Average lost 53 points, or 0.2 percent, to 25,365. Brent crude, the worldwide standard traded in London, advanced 2.6 percent to $64.13 a barrel. In Paris, shares of Nissan's partner Renault dropped 8.4 percent. Brent crude futures rose to $63.76 a barrel, a 2 percent gain. Boeing gave up 1 percent.

Energy, meanwhile, also played a role in the selloff even as US oil prices settled higher, on potential European Union sanctions on Iran and possible OPEC production cuts. Silver added 1.6 per cent to $14.50 an ounce.

Nixon said OPEC countries will probably cut back on oil production, but some investors are anxious that the buildup in crude stockpiles is a sign the global economy isn't doing as well as expected. The pound extended its gains to $1.2880 from $1.2879, on news that Britain and the European Union had reached a deal in principle on future relations.

The dollar rose to ¥112.80 from ¥112.54.

Wholesale gasoline rose 1 per cent to $1.51 a gallon. The euro edged down to $1.1388 from $1.1399.

France's CAC 40 gave up 0.8% and Germany's DAX slid 0.9%.

MSCI's gauge of stocks across the globe gained 0.75 percent.

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