Technology companies slide, pulling US stock market down

Technology companies slide, pulling US stock market down

Goldman Sachs shares dropped 7.5 per cent after Bloomberg reported that Malaysian Finance Minister Lim Guan Eng said the country was seeking a full refund of all the fees it paid to the Wall Street bank for arranging billions of USA dollars of deals for troubled state fund 1MDB.

British American Tobacco, which makes Newport cigarettes, plunged 8.8 percent to $38.08 on reports that regulators were considering a ban on menthol cigarettes.

The market was coming off a two-week winning streak.

About 90 percent of S&P 500 companies have reported third-quarter results so far, with some 51 percent of those posting earnings and revenue that topped Wall Street's forecasts, according to S&P Global Market Intelligence. Advanced Micro Devices gave up 9.5 percent to $19.03, while Nvidia lost 7.8 percent to $189.54. Oil gained about $1 to just over $60 U.S. per barrel, late in the trading day.

A steep drop in technology companies sent US stocks sharply lower, knocking 500 points off the Dow Jones Industrial Average.

Wall Street's major indexes tumbled on Monday as shares of Apple and Goldman Sachs dragged down the technology and financial sectors.

Oil gained as Saudi Arabia signaled it would cut production in December.

Athenahealth jumped 9.6 percent after the struggling medical billing software maker received a buyout offer. The Russell 2000 index of smaller companies gave up 18 points, or 1.2 percent, to 1,530. Goldman Sachs was the biggest drag on the Dow, which fell more than 2 percent. It was down as much as 509 earlier.

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

All three major benchmarks ended near session lows, with the S&P 500 down 2%, the Dow Jones Industrial Average down 2.3%, and the Nasdaq down 2.78%. Banks, consumer-focused companies, and media and communications stocks all took heavy losses. Micron Technology lost 4.2 percent to $37.43.

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

Gold fell 0.4 percent to $1,203.50 an ounce. The Nasdaq composite lost 175 points, or 2.4 percent, to 7,231.

Apple fell 3.7 percent in early trading Monday and Google's parent company Alphabet gave up 1.5 percent.

Meanwhile, the private-equity firm Veritas Capital and the hedge fund Elliott Management reached an all-cash deal to purchase the U.S. healthcare software maker Athenahealth for about $5.7 billion, a 12% premium to where shares closed Friday. Gold has fallen to its lowest level in a month as the USA dollar rose.The dollar index which measures the greenback versus a basket of currencies jumped 0.7 per cent on Monday to a 17-month high.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 1.8 per cent.

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