Multiple negative news drag Wall Street

Multiple negative news drag Wall Street


The stock exchanges in New York closed on Monday with considerable losses. Concerns about Apple spread out over other companies in the technology sector. Investors also recorded disappointing figures about the housing market. Furthermore, the trade tensions between the US and China remain busy, especially after the harsh words of the American vice president Mike Pence in the direction of China this weekend.

The Pence present emphasized that the US will only adjust its policy at the same time as China does. All eyes are now focused on the meeting between President Donald Trump and his Chinese colleague Xi Jinping during the G20 summit at the end of the month.

The leading Dow-Jones index ended 1.6 percent lower at 25,017.44 points. The broader composite S & P 500 dropped 1.7 percent to 2690.73 points. Technology index Nasdaq delivered 3 percent to 7028.48 points.

Tech giant Apple lost 4 percent after new messages about possibly disappointing demand for the new iPhones. According to business newspaper The Wall Street Journal, Apple has now also adjusted its production targets downwards, after earlier important suppliers already did. Other major players in the tech sector such as Facebook, Amazon, Netflix and Google parent company Alphabet lost up to 5.7 percent.

Chip company Micron Technology is one of the companies that usually suffer from negative Apple reporting. On top of that, China announced that it would expand its research into the chip company and two other companies. Micron lost 6.6 percent. Chip company Nvidia went down 12 percent after the 19 percent fall of Friday due to disappointing outlook.

There was also some takeover news. For example, technology company Colfax contracted more than 15 percent on the news to add more than $3 billion to DJO, according to the market leader in orthopedic solutions.

The euro was worth $1.1452, against $1.1448 earlier in the day at the closing of the European stock markets. The price of a barrel of American oil rose 0.5 percent to $56.76. A barrel of Brent oil cost 0.2 percent more at $66.90.

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I am an independent trader currency and commodity with about eight years of experience. I love the financial world because it is like one big puzzle and I hope we help each other out to solve the puzzle to help us realize our dreams. I received my BBA in Accounting (With Honors) - from The University of Texas - San Antonio. Achievements: Beta Alpha Psi National Accounting Honors Fraternity member, Leadership Challenge Participant, Dean's List. I have passed the Series 63, 22, Texas Real Estate exam, and the DRI Business Continuity exam.