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13-Nov2018

US markets end significantly lower on Monday

Extending losses for second straight session, the US markets ended significantly lower on Monday, with all the major indices losing around two percent each, after a big decline in Apple shares, a rise in the US dollar and lingering worries about global trade weighed on investor sentiment. Concerns about the outlook for global economic growth and a continued increase in interest rates continued to dampened sentiments. Apple shares tanked by 5 percent after Lumentum Holdings, which makes technology for the iPhone's face-recognition function, cut its outlook for fiscal second quarter 2019. Lumentum CEO Alan Lowe said one of its largest customers asked the company to materially reduce shipments for its products. Moreover, a strong dollar also pressured equities as investors worried about what it would do to overseas sales for multinationals.

Meanwhile, President Donald Trump claimed the prospect of Presidential Harassment by the Dems is causing the Stock Market big headaches. Light trading activity may have exaggerated the downward move, however, as government offices, the bond markets, and most banks were closed in observance of Veterans Day. Besides, a lack of major US economic data also kept some traders on the sidelines ahead of the release of reports on consumer price inflation, retail sales, and industrial production in the coming days. A speech by Federal Reserve Chairman Jerome Powell on November 14 is also likely to attract attention, as traders look for additional clues about the outlook for interest rates.

Dow Jones Industrial Average slipped 602.12 points or 2.32 percent to 25,387.18, Nasdaq fell 206.03 points or 2.78 percent to 7,200.87 and S&P 500 was down by 54.79 points or 1.97 percent to 2,726.22.


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