Apple, Goldman Sachs send Wall Street tumbling

Stocks fall sharply as tech firms drop Dow loses about 600 points

The facade of the New York Stock Exchange is shown

New York, Nov 12 A broad sell-off in technology companies pulled USA stocks sharply lower Monday, knocking off more than 450 points from the Dow Jones Industrial Average. 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 dropped 2 percent as financials tanked, led by Goldman Sachs. The Dow Jones Industrial Average fell about 200 points with shares in tech companies bearing the brunt of the early damage. Apple's decline impeded the tech-heavy Nasdaq, which fell more than 2 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 index fell 16 points, or 0.6 per cent to 2,764. Seoul's Kospi gave up 0.4 percent to 2,071.23 and India's Sensex added 0.4 percent to 34,953.81.

The Nasdaq is up 297.48 points, or 4.3 per cent. Brent crude, used to price worldwide oils, picked up 1 percent to $70.91 per barrel in London. Laser sensor maker Lumentum Holdings, the parts supplier, itself nosedived almost 33 percent. Apple slumped 5 percent. The selling snared big names including Apple, Amazon and Goldman Sachs.

FILE- In this November 7, 2018, file photo trader Timothy Nick, center, works with specialist Michael O'Mara on the floor of the New York Stock Exchange.

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Saudi Arabia, the world's largest oil exporter, said on Sunday it would cut its shipments by half a million bpd in December due to seasonal lower demand.

Major U.S. stock indexes were squarely hammered in the regular trading session on Monday.

LIFELINE EXTENDED: Athenahealth jumped 9.6 percent to $131.96 after the struggling medical billing software maker received a $5.7 billion cash buyout offer.

Elsewhere, oil prices fell more than 2 percent Tuesday, with Brent crude slipping below the $70-per-barrel mark and U.S. West Texas Intermediate crude dropping below the $60 threshold.

The dollar strengthened to 113.86 yen from 113.80 yen on Friday.

MARKETS OVERSEAS: Major stock indexes in Europe declined.

At 11:32 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was down 117.76 points, or 0.77 per cent, at 15,156.74. Japan's Nikkei 225 added 0.1 percent, while Hong Kong's Hang Seng rose 0.1 percent.

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