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Dow Falls More Than 100 Points as Apple Leads Tech Slide

Author:
Eray Bekir
Market News

European stocks ended Monday’s session in negative territory, even as stronger-than-anticipated jobs data on Wall Street tempered expectations for a Federal Reserve rate cut.

The pan-European Stoxx 600 dipped below the flatline at the closing bell, with most sectors and major bourses in the red.

Stocks fell on Monday as losses in Apple shares pressured the broader tech sector. Investors also braced for key testimony from the top Federal Reserve official later this week.

The Dow Jones Industrial Average traded 115.98 points, or 0.4%, lower to 26,806.14 while the S&P 500 pulled back 0.5% to 2,975.95. The tech-heavy Nasdaq Composite lagged, sliding 0.8% to 8,098.38.

Apple shares fell more than 2% after an analyst at Rosenblatt Securities downgraded the stock to sell from neutral. The analyst said the company will “face fundamental deterioration over the next 6 to 12 months ” as Apple’s iPhone sales disappoint and growth in other products slows down.

Other tech shares like NetApp and Juniper Networks fell more than 3% each. Applied Materials and Lam Research both declined more than 1%.

Tech has been a stalwart on Wall Street this year. The sector is up nearly 28% in 2019 and is outperforming the S&P 500 by about 10 percentage points.

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.