Published: Thu, November 15, 2018
Markets | By Otis Pena

USA stocks trade lower amid Apple losses

USA stocks trade lower amid Apple losses

Amazon and Alphabet declined 3.35 percent and 1.69 percent, respectively.

Stock markets stabilized Tuesday after a sell-off led by technology shares dragged Wall Street sharply lower the day before. Apple slumped 5 percent. The Philadelphia SE Semiconductor index dropped 4.4 percent. On Wall Street, the futures for the Standard & Poor's 500 and for the Dow Jones Industrial Average were both up 0.6 percent.

The S&P 500 index fell 46 points, or 1.7 per cent to 2,734.

The S&P 500 is up 52.61 points, or 2 percent.

The S&P 500 added 0.06% to settle at 2,727.

NY stocks plunged by more than 600 points on Monday, dragged down by a drop in technology company shares and a stronger dollar.

Apple and Amazon each lost 4.5 percent Monday.

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The tech stock tumble came followed an analyst report that suggested Apple significantly cut back orders from one of its suppliers. That fueled questions about the outlook for tech industries and USA economic growth.

Concern over demand for Apple's iPhone line caused the company's stock to fall 5 percent Monday.

Lumentum plunged 31 per cent and dragged down other Apple suppliers, many of them chipmakers such as Cirrus Logic Inc, Qorvo Inc and Skyworks Solutions Inc.

Market sentiment was dented by Apple's decline as well as losses in Europe, Larry Benedict, CEO & founder of The Opportunistic Trader, a U.S. market research firm, told Xinhua. The newspaper, citing unidentified sources, said the visit is aimed at easing trade tensions but no schedule had been decided. Xi and Trump are due to meet during this month's Group of 20 gathering of major economies in Argentina.

"While the oil price has opened on a solid footing today, the knee-jerk reaction to the meeting is likely to subside in the short term until investors take solace in visible signs of a reduction in supply and OPEC lives up to the rhetoric of further supply cuts", said Aneeka Gupta, associate director at exchange-traded fund provider WisdomTree. Crude oil prices fell, erasing early gains and extending a losing streak to 11 days.

Benchmark U.S. crude gave up an early gain, sliding 0.4 percent to settle at $59.93 per barrel in NY. The contract sank 26 cents on Monday to $59.93.

The price of oil also fell, with Brent Crude, the worldwide benchmark, dropping to under $69 while West Texas Intermediate, the United States measure slipped to under $59. It declined 6 cents the previous session to $70.12. Banks were the hardest hit and the Austraian dollar also took a hammering as the greenback climbed to its highest level against a basket of currencies since June 2017. The euro fell to $1.1240 from $1.1336.

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