Wall Street closes with heavy losses, Dow Jones down 2.32pc

Tech stocks are getting slammed, Dow drops more than 400 points

Tech giants slide, pulling US stock market sharply lower

The Dow Jones industrial average shed more than 600 points yesterday as Amazon, Apple and other technology companies led a sell-off on Wall Street. Banks, consumer-focused companies, and media and communications stocks all took heavy losses. Dow futures rose 116 points, or 0.5%, to 25,498, while S&P 500 futures gained 14.2 points, or 0.5%, to 2,742.

The Dow Jones Industrial Average fell 170 points on Tuesday as the USA equity market struggled to rebound after a steep sell-off in the previous session.

The Nasdaq Composite Index fell 165.59 points, or 2.24 per cent, to 7,241.32.

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

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

Shares were down 4.7 percent.

Oil prices rose about 1 percent on Monday, breaking a stretch of losses, after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day next year.

"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. Germany's DAX lost 1.8 percent and France's CAC 40 fell 0.9 percent. Oil gained about $1 to just over $60 U.S. per barrel, late in the trading day.

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.

Apple Inc, a component of the Dow tumbled almost 4% after Lumentum Holdings Inc (one of its primary suppliers) trimmed its fiscal 2019 second-quarter top and bottom line forecast.

The Dow Jones Industrial Average fell 113 points, or 0.5 per cent, to 25,870. Brent crude, used to price worldwide oils, picked up 0.3 percent to $70.38 per barrel in London. Saudi Arabian energy minister Khalid al-Falih said Sunday that the kingdom will reduce exports by around 500,000 barrels a day from November to December.

METALS: Gold fell 0.4 percent to $1,203.50 an ounce.

MARKETS OVERSEAS: Major stock indexes in Europe declined.

In Asia, stocks were generally mixed with the Nikkei 225 down 459 at 21,810, while the Shanghai Composite Index added around 24 points at 2,654. London's FTSE 100 added 0.3 percent to 7,073.

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