Technology companies slide, pulling US stock market down

Stocks fall sharply as tech firms drop Dow loses about 600 points

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.

Related News:



Most liked

Democrat House committees weighing at least 85 Trump admin. probes
Fox News has learned 51 protesters were arrested Tuesday after refusing to leave a hallway outside Pelosi's office. They sat on the hallway floor and sang in unison.

Wayne Rooney: England striker says it will be 'strange' playing at Wembley
Former goalkeeper Shilton won 125 caps said he was "surprised" England boss Gareth Southgate had allowed the one-off return. United side exited the MLS play-offs this month, insists his outing will not be ruined if he fails to score.

BMW reveals 374hp M340i ahead of LA show
The M340i's 382 hp and 369 lb-ft make it the most powerful 3-Series available until the M3 lands, said to be close to 500 hp. The brakes have also been upgraded and mow measure 13.7 inches across at the front and 13.6 inches at the rear.

Rohit rested from India A tour of New Zealand
Before that, he will play the three-match Twenty20 series, starting November 21 at The Gabba. However, Rohit Sharma has been playing continuously in the limited overs format.

Brexit plan to limit foreign players at EPL clubs
If the FA and the clubs strike a deal based on this plan, there will be a transition period until at least the end of 2020. The FA will reportedly approach the Premier League clubs this week in an attempt to push the agenda.

Fish, Fish Oil May Lower Your Heart Attack Risk
Only 21 people would need to take Vascepa for five years to prevent one of the main problems studied - favorable odds, Stein said. Doctors cheered the results and said they could suggest a new treatment option for hundreds of thousands of patients like these.

Saudi 'kill team's' luggage contained syringes, scissors
The Foreign Office has refused to confirm or deny Britain has them. Jamal Khashoggi was killed in the Saudi consulate in Turkey .

Strictly's Amy Dowden weeps as Danny John-Jules skips It Takes Two
It seems to be turning into a vendetta. "For some reason, some people don't want me to be successful on Strictly ". While Danny has yet to comment on why he wasn't on It Takes Two, he has sent his support to Amy on Twitter .

Czech team leads 2-0 in tennis Fed Cup final against USA
Riske is the only player on the USA team who has previously played in the Fed Cup . The Czech Republic recorded its 11th Fed Cup title and its 6th since 2011.

CNN sues White House over barring of correspondent
Infowars .com is a controversial far-right site described by many as a publisher of conspiracy theories and fake news. It was a sharp turn from when he called Acosta a " nice guy " after a confrontation in the United Kingdom this year.

TURKEY: White House defends Trump WW1 no-show
The President's no-show drew ire and disappointment in Britain and the US. Rain, rain, go away so Donald Trump can do his duties today.

Lawsuit alleges security guard shot while holding suspect
Jemel Roberson is an IL security guard who was wrongly shot by police responding to a shooting at a bar early Sunday morning. A responding officer with the Midlothian Police Department immediately shot Roberson, who later died at a hospital.

Hamas threatens to step-up rocket fire at Israel
The flare-up came after a deadly Israeli special forces operation in the Gaza Strip on Sunday that left Hamas vowing revenge. Medics reported at least six other Israelis wounded with a number of houses and civilian buildings struck by rockets.

Kim Kardashian and Kanye West Hire Private Firefighters To Stop Wildfires
Kanye West paid tribute to courageous firefighters trying to stop wildfires blazing through California. Kim, Kanye and their kids, North, Saint and Chicago stayed in a hotel nearby during their evacuation.

Big finish from Westwood secures Nedbank Golf Challenge title
He had a bad Ryder Cup at Hazeltine (in 2016) and he struggled a little bit, but he's been playing much better this year. To hit the shots I hit down the stretch, it was just nice to prove it to yourself every now and again.