Published: Thu, November 15, 2018
Markets | By Noel Gibbs

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

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

The tech stock tumble came followed an analyst report that suggested Apple significantly cut back orders from one of its suppliers. Banks also took heavy losses. Sydney's S&P-ASX 200 declined 1.8 percent to 5,834.20 and Seoul's Kospi gave up 0.7 percent to 2,065.42. On Wall Street, the futures for the Standard & Poor's 500 and for the Dow Jones Industrial Average were both up 0.6 percent.

In Canada, meanwhile, Toronto's TSX was also still rushing upwards to rise by almost 55 points and hit 15,211 while the Russell 2000 index of small-cap stocks jumped by 8 points to reach 1,526. The S&P 500 shed 2%.

Monday's losses bring the Dow's decline over the past two sessions to 800 points.

The Nasdaq is up 297.48 points, or 4.3 percent.

Dead in cars and homes: Northern California fire toll at 42
A California firefighter monitors a burning home as the Camp Fire moves through the area on Friday in Magalia, California. Linda Rawlings was on a daylong fishing trip with her husband and 85-year-old father when the fire broke out.


Up in Canada, Toronto's TSX rose 52 points to hit 15,208, lifted by the renewed hope of US-China trade talks while the Russell 2000 index of small-cap stocks added 9 points to 1,528.

"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. The Dow Jones industrials sank 0.8%, while the tech-dominated Nasdaq lost more than 1.7%. "With our proven ability to deliver high volumes, years of experience, hundreds of millions of devices in the field, and new product and customer funnel, we remain confident in our leadership position in the nascent market for laser diodes for 3D sensing", said Alan Lowe, President and Chief Executive Officer of Lumentum.

While companies got a boost this year from the lower tax rates put in place by President Donald Trump and the GOP last December, several companies have recently warned about the impact of higher costs related to tariffs and rising interest rates.

Energy companies led a sell-off on Wall Street Tuesday that extended a losing streak for the S&P 500 index to a fourth day.

Netflix update adds support for 2018 iPad Pro lineup
Additionally, there is also a Smart Keyboard Folio that will retail for Rs 15,900 and Rs 17,900 apiece for the two sizes. iFixit has published their full teardown of Apple's 2018 11-inch iPad Pro and the second generation Apple Pencil.


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. Germany's DAX lost 1.8 percent and France's CAC 40 fell 0.9 percent.

CURRENCIES: The dollar strengthened to 113.85 yen from 113.80 yen on Friday. The euro gained to $1.1241 from $1.1218.

Tech stocks were also weak in Europe as the pan-European STOXX 600 index lost 0.84 per cent. In Asia, markets finished mixed. Japan's Nikkei 225 added 0.1 percent, while Hong Kong's Hang Seng rose 0.1 percent.

Recording hints at Saudi crown prince role in Khashoggi murder
CNN has not heard the recording and is unable to verify the voices on the tape or what they're purported to say. The crown prince is not specifically mentioned by name during the audio recording , according to the Times.


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