U.S. stocks slump, Apple leads losses

U.S. stocks were broadly lower on Tuesday led down by technology shares

U.S. stocks were broadly lower on Tuesday led down by technology shares

The tech stock tumble came followed an analyst report that suggested Apple significantly cut back orders from one of its suppliers.

Shares in Apple, the world's largest public company, fell by 5 per cent to their lowest mark since the end of July after trading updates from suppliers indicated disappointing demand for its newly released iPhone Xr.

And General Electric plunged to a post-financial-crisis low of $7.72 a share after CEO Larry Culp appeared on CNBC and said he was looking at selling assets to reduce leverage. The S&P 500 technology sector index fell 3.3 per cent, and the financial sector index fell 1.8 per cent. British American Tobacco slumped as much as 9.9% in London, and Altria was down 3% in NY.

The company also sees adjusted earnings of between $1.15 and $1.34 per share, down from its earlier estimate of $1.60 and $1.75 per share.

The Nasdaq Composite fell 2.8%, while the Dow Jones Industrial Average was lower by 2.3%, or 602 points. Oil gained about $1 to just over $60 United States per barrel, late in the trading day.

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THE QUOTE: "Tech is definitely weighing (on the market)", said Lindsey Bell, investment strategist at CFRA.

Also, investors were said to be fearful of new tariffs resulting from trade tensions and the Federal Reserve's potential interest rate hike next month.

The Nasdaq is down 206.03 points, or 2.8 per cent.

The Russell 2000 small cap index shed 0.15% to conclude at 1,516.

The Dow Jones Industrial Average fell 113 points, or 0.5 percent, to 25,870.

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The Canadian dollar edged higher against a broadly stronger US dollar on Monday, supported by a bounce in the price of oil, but remained close to the multi-month low touched on Friday. The Philadelphia SE Semiconductor index dropped 4.4 per cent.

TECH IN FOCUS: A tech sell-off knocked more than 600 points off the Dow on Monday. That puts pressure on Saudi Arabia, which this week said the oil cartel and allied crude producers will likely need to cut supplies, perhaps by as much as 1 million barrels of oil a day.

ENERGY: Benchmark U.S. crude gave up an early gain, sliding 0.2 percent to $60.06 per barrel in NY. WTI crude is trading around the $60 level. The price of oil fell after U.S. President Donald Trump said Saudi Arabia should not cut production, as it had said it would.

The market had anticipated that exports from OPEC member Iran would fall precipitously following the institution of USA sanctions in November. Trump has demanded OPEC increase production to drive down US gasoline prices.

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