Markets Right Now: Technology stocks lead US market lower | AP business


Stock trading turned jittery again after two weeks of gains, pulling the Dow Jones Industrial Average down 600 points. The tech tumble followed an analyst report that suggested Apple significantly cut back orders from one of its suppliers.

Canada's main stock index also fell on Monday, weighed by losses in shares of precious metal miners as gold prices hit its lowest in a month.

The S&P 500 index fell 46 points, or 1.7 percent to 2,734. The technology-focused Nasdaq index lost 2.8 per cent to 7,200.87 as the Dow fell by 602.12 points, or 2.3 per cent, to 25,387.18 and the S&P 500 shed 2 per cent to 2,726.22.

The tech-heavy Nasdaq had fallen furthest, losing 2.4 percent at 7,228.80.

The S&P 500 posted 29 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 25 new highs and 161 new lows.

The S&P 500 index fell 54 points, or 2 percent to 2,726. Aphria Inc. lost 8.5 per cent, while Aurora Cannabis Inc. and Canopy Growth Corp. fell 4.6 per cent and 2.5 per cent, respectively.

The Russell 2000 is down 16.72 points, or 1.1 percent.

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Market sentiment was dented by Apple's decline as well as markets down in Europe, Larry Benedict, CEO & founder of The Opportunistic Trader, a USA market research firm, told Xinhua.

LIFELINE EXTENDED: Athenahealth jumped 9.7 percent to $132.01 after the struggling medical billing software maker received a $5.7 billion cash buyout offer. Several big retailers are due to deliver results this week, including Walmart, Home Depot, Williams-Sonoma, Nordstrom and J.C. Penney.

THE QUOTE: "Tech is definitely weighing (on the market)", said Lindsey Bell, investment strategist at CFRA. The price of oil fell after U.S. President Donald Trump said Saudi Arabia should not cut production, as it had said it would. US crude rose 60 cents to $60.79 a barrel, the first increase after the longest stretch of daily declines since 1984.

CURRENCIES: The dollar gained 114.01 yen from Monday's 113.84 yen. The British pound weakened to $1.2847 from $1.2975 amid concerns that Britain's government is struggling to find unity on a Brexit deal.

Apple fell 3.7 per cent in early trading Monday and Google's parent company Alphabet gave up 1.5 per cent. Silver lost 0.9 percent to $14.01 an ounce.

KEEPING SCORE: In Europe, Germany's DAX advanced 0.7 percent to 11,409 and France's CAC 40 added 0.4 percent to 5,081. The Kospi in South Korea dipped 0.3 percent.