US stocks tumble as tech titans slide
U.S. stocks spiraled lower Monday with U.S. tech companies, including Facebook and Apple, pacing the declines. The Nasdaq Composite fell 3 percent or 219.40 points. While the Dow Jones Industrial Average lost over 395.78 points or 1.5 percent, trimming what was a 500 point midday loss. While the broader S&P 500 lost 45.54 points or 1.6 percent.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 37775.38 | +22.07 | +0.06% |
| SP500 | S&P 500 | 5011.12 | -11.09 | -0.22% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15601.498878 | -81.87 | -0.52% |
Apple shares flirted with a bear market, closing just a few cents shy of a confirmation, which is $185.65. The stock has been under pressure since hitting a record $232.07 per share in early October. Reports that iPhone production is being dialed back weighed on the world’s most valuable company. Other tech giants including Facebook, Google, Amazon and Twitter also dipped.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 167.04 | -0.96 | -0.57% |
| FB | n.a. | n.a. | n.a. | n.a. |
| GOOGL | ALPHABET INC. | 155.97 | +0.50 | +0.32% |
| AMZN | AMAZON.COM INC. | 179.17 | -2.11 | -1.16% |
| TWTR | n.a. | n.a. | n.a. | n.a. |
On the economic front, investors got spooked after U.S. homebuilder sentiment hit the lowest level in two years, according to the National Association of Home Builders. The association said its index of builder confidence dropped 8 points to 60, missing analyst expectations for the key metric.
Adding to the volatility, this is a holiday-shortened trading week. U.S. markets will be closed on Thursday for Thanksgiving Day, with the U.S. stock market closing early on Friday. That said, investors will keep a close eye on retail stocks reporting earnings this week, combined with Black Friday, which marks the unofficial start of the holiday shopping season. Among the names reporting are Lowe’s, Target, Best Buy and Kohl’s to name a few.
Oil, meanwhile, was little changed trading around the $56.76 per barrel level.