Stocks take sharp losses; Apple, Microsoft, Amazon and Facebook drop


The heavy selling on Wall Street continued, with losses in popular tech stocks spreading to the broader market, a rout that erased the 2018 gains of the Dow and broad Standard & Poor's 500 stock index.

The Dow Jones Industrial Average lost 392 points, or 1.5 percent, to 25,017.

Electronic screen shows the closing numbers of stock market at the New York Stock Exchange in New York, the United States, Nov. 20, 2018.

Presidents Trump and Chinese President Xi Jinping are set to meet next week at the G20 summit in Argentina, but a breakthrough in the trade standoff is not expected. The Nasdaq Composite, heavily loaded with tech stocks, dropped 2.5 percent.

All eyes were on Apple, whose shares were down 3 percent to trade at $180.07, adding to previous losses amid reports of weakened iPhone demand. Brent crude, used to price worldwide oils, fell 6 percent to $62.80 per barrel in London.

Apple sank 2.8 percent and Microsoft lost 2.2 percent.

Benchmark U.S. crude reversed an early loss and rose 0.5 percent to $56.76 a barrel in NY.

Apple sank 4.8 percent Tuesday and retailers also fell sharply. -China trade was soiled, meanwhile, following Vice President Mike Pence's remarks Sunday, asserting that there would be no end to US charges on $250 billion worth of Chinese goods unless China changed its practices toward trade.

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The West Texas Intermediate for January delivery slumped 3.33 US dollars to settle at 53.43 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery plunged 4.26 dollars to close at 62.53 dollars a barrel on the London ICE Futures Exchange. Industrial companies are also dropping as the downward momentum in stocks builds after steep losses Monday. Google's Alphabet shares dropped by 1.4 percent.

The S&P 500 index lost 56 points, or 2.1 percent, to 2,634 as of 3:05 p.m.

The company's same-store sales growth, which is a key metric for retailers, stood at 5.1 percent, lighter than forecast. Oil prices were little changed Monday, but they've nosedived since early October.

Nissan fell over 5 per cent in Asia as traders there got their first chance to react to the news that its chairman, Carlos Ghosn, who engineered a turnaround at the automaker, was arrested on charges he underreported his income and misused company funds and will be fired. Heating oil rose 0.6% to $2.09 a gallon.

The parent company of California utility Pacific Gas & Electric fell again after it disclosed that it had a power line failure near the start of a deadly wildfire the morning the fire began. Silver inched up 0.1 percent to $14.40 an ounce.

Wholesale gasoline rose 0.4% to $1.58 a gallon. Copper held steady at $2.80 a pound. The yield on the 10-year Treasury note remained at 3.06 per cent.

The dollar rose to ¥112.80 from ¥112.54.

France's CAC 40 gave up 0.8% and Germany's DAX slid 0.9%. South Korea's Kospi gained 0.4%.