Markets Right Now: Tech weakness weighs on stock market

Share

Shares of Apple fell 0.4 percent, breaking below its 200-day moving average, a key technical level watched by investors.

The tech-laden Nasdaq gained 0.21% to end at 7,216.

The Russell 2000 is down 34.69 points, or 2.2 per cent.

In Canada, Toronto's TSX lost 0.19% to trade around 15,128. Goldman Sachs was the biggest drag on the Dow, which fell more than 2%.

Tuesday's moves come after the Dow dropped 602 points on Monday as Apple shares dropped on expectations of slowing iPhone sales.

The technology sector was down more than 2.8 percent, leading the laggards in the 11 primary S&P 500 sectors.

The Nasdaq composite slid 206.03 points, or 2.8 percent, to 7,200.87.

The S&P 500 index fell 39 points, or 1.4 per cent to 2,741.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.

Treasury secretary Steve Mnuchin and Chinese Vice Premier Liu He have kicked off negotiations about a possible trade pact ahead of the G20 summit in Argentina where President Donald Trump and President Xi are to meet.

Kim & Kourtney Kardashian Evacuated After Woolsey Fire Hits Calabasas
Kim and Kourtney Kardashian were among the people evacuated from their homes as wildfires spread throughout Southern California. Singer Cher said is also among those who is anxious about her home, which is in Malibu. "It's the place I felt my dad with me".

Canada's main stock index also fell on Monday, weighed by losses in shares of precious metal miners as gold prices hit its lowest in a month.

Brent crude futures were up 70 cents at $70.88 a barrel, following four sessions of losses.

The Dow Jones Industrial Average fell more than 600 points Monday as major tech stocks faltered.

The S&P 500 also pushed 15 points higher to 2,741, lifted by Advance Auto Parts, Nvidia, Cabot Oil & Gas Corp, Nvidia and American Airlines Group. NRG Energy climbed 4.7 percent to $40.07. Hong Kong's Hang Seng lost 1.1 percent.

The Dow Jones Industrial Average is poised to start 141 points higher Tuesday after USA stocks plunged Monday, helped on by a decline in tech stocks.

Feeding onto the outlook, Wells Fargo gave Apple a market perform rating and said "investors could consider Lumentum's updated guide as reflecting as much as a 30% cut in Apple orders", according to CNBC.

After hours, Apple stock nudged 0.2% higher, however.

Technology stocks took some of the biggest losses Monday.

Goldman Sachs shares dropped 7.2 per cent after Bloomberg quoted the Malaysian Finance Minister Lim Guan Eng saying the country was seeking a full refund of all the fees it paid to the Wall Street bank for arranging billions of dollars of deals for troubled state fund 1MDB. Alphabet's Google (NASDAQ:GOOGL) fell 2.57%. British American Tobacco slumped as much as 9.9% in London, and Altria was down 3% in NY.

Share