FYI: The Dow Jones Industrial Average tumbled more than 400 points Monday as anxiety over the health of technology behemoths sparked a broad retreat from the stock market.
The blue-chip index of 30 stocks lost 602 points, or 2.3%, to 25387 after posting its biggest one-week gain since March. The S&P 500 lost 1.9% and the Nasdaq Composite dropped 2.7%.
Monday’s selling began in the technology sector, then morphed into a broad rout that dragged lower everything from oil conglomerates to manufacturers to entertainment firms. It was the latest setback for the stock market, which has struggled to break out to new highs since the S&P 500 capped off its worst month in more than seven years.
Apple shares fell Monday after one of its suppliers, Lumentum, cuts it earnings and revenue outlook.
Apple fell 4.4% triggering fresh worries about demand for the company’s iPhone line. The fall of companies like Apple, among others, has often preceded broader pullbacks this year as investors have questioned what sectors can ride higher as the global economy shows more signs of slowing.
Investors were left scrambling for explanations. Some pinned the retreat to a broad retreat from risky assets that they say look increasingly vulnerable to a reversal following a years long rally. Others blamed nervousness around the future of fast-growing chip makers, social media firms and consumer device giants that had driven much of the bull market’s gains earlier in the year.
Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2018-11-12/your-evening-briefingBloomberg:
https://www.bloomberg.com/news/articles/2018-11-11/asia-stocks-to-start-week-with-drop-pound-slips-markets-wrap?srnd=premiumWSJ:
MarketWatch:
https://www.marketwatch.com/story/stocks-look-set-for-modest-decline-at-open-as-oil-prices-stabilize-2018-11-12/printIBD:
https://www.investors.com/market-trend/stock-market-today/apple-iphone-woes-stock-market-sell-off/Reuters:
https://www.reuters.com/article/us-usa-stocks/nasdaq-falls-2-percent-as-apple-chip-stocks-hit-by-weak-forecasts-idUSKCN1NH1JRCNBC:
https://www.cnbc.com/2018/11/12/stock-market-dow-futures-lower-on-thin-trading-on-veterans-day.htmlU.K.:
Europe:
https://www.cnbc.com/2018/11/12/europe-markets-oil-price-trade-brexit-in-focus.htmlAsia:
https://www.marketwatch.com/story/asian-markets-largely-rally-making-up-from-early-losses-2018-11-11/printBonds:
https://www.cnbc.com/2018/11/09/bond-market-us-treasury-yields-lower-after-fed-decision.htmlCurrencies:
https://www.cnbc.com/2018/11/12/forex-market-fed-brexit-and-dollar-in-focus.htmlOil:
https://www.cnbc.com/2018/11/12/oil-markets-saudi-arabia-and-opec-in-focus.htmlGold
https://www.cnbc.com/2018/11/12/gold-markets-fed-plans-dollar-moves-in-focus.htmlWSJ: Markets At A Glance:
https://markets.wsj.com/usMajor ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitorSPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-trackerSPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectorsCurrent Futures:
https://finviz.com/futures.ashx
