Investors suffer technology jitters to send Wall Street tumbling

AP  File		Workers on the floor of the New York Stock Exchange on Nov. 7

Apple shares tumbled on reports that a parts supplier to the tech giant has seen a drop in orders.

Lumentum shares plunged 33 per cent. Shares of several chipmakers that sell to Apple, such as Cirrus Logic Inc, Qorvo Inc and Skyworks Solutions Inc, dropped as well.

Monday's decline followed a hard month of October that saw the Dow lose 5 percent and the Nasdaq fall 9 percent. Visit MarketWatch.com for more information on this news.

Trading stayed choppy in Tuesday's afternoon session as the Dow Jones Industrial Average Index fell despite renewed hopes about US-China trade talks.

Among the S&P 500's 11 major sectors, technology and financial stocks weighed most heavily on the index.

A steep drop in technology companies sent US stocks sharply lower, knocking 500 points off the Dow Jones Industrial Average. The ICE U.S. Dollar Index was trading 0.5% higher or 97.43 on Monday, which is the highest level since June of 2017, according to FactSet data.

"With the bond market closed, there is a lack of catalyst to push the market higher", said Bell. Banks also took heavy losses.

Also, investors were said to be fearful of new tariffs resulting from trade tensions and the Federal Reserve's potential interest rate hike next month.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 1.8 per cent. The Nasdaq composite lost 87 points, or 1.2 per cent, to 7,319.

The S&P 500 index fell 16 points, or 0.6 percent to 2,764.

A steep drop in technology companies sent US stocks sharply lower, knocking off more than 400 points from the Dow Jones Industrial Average.

The wave of selling snared big names, including Apple, Amazon and Goldman Sachs. Hong Kong's Hang Seng lost 1.1 percent.

Energy stocks also accelerated their decline toward the end of the session as oil prices fell.

Elsewhere, oil prices fell more than 2 percent Tuesday, with Brent crude slipping below the $70-per-barrel mark and U.S. West Texas Intermediate crude dropping below the $60 threshold. Oil futures rose earlier on news that Saudi Arabia and other major producers planned to reduce output.

"We're kind of back to square one: It must feel like November 2016 to them, a lot", said John Kilduff, a Partner at Again Capital Management in NY, refering to the time period when OPEC and its allies agreed to initiate production cuts. The U.S. stock market opens at 9:30 a.m. EDT on Monday, Nov. 12. Trump has demanded OPEC increase production to drive down US gasoline prices.

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