New YorkApple's stock market shares were not favored by investors on Monday and dragged Wall Street down with it. New York investors quit the California tech giant after the iPhone's main supplier lowered its estimate.
Apple shares fell around five percent. Investors are afraid that a good time for Apple will end once. Recently, the company has warned that Wall Street sales expectations are unlikely to be met in the important Christmas quarter.
The Dow Jones of Defaults index closed 2.3 percent at 25,387 points. The broader S & P 500 produces just under two percent to 2,726 meters. The Nasdaq technology exchange index lost 2.8 percent to 7200 points. At the end of last week, US stock exchanges had declined – especially for technology stocks.
Profits from suppliers such as Lumentum, responsible for the technology behind iPhone's face recognition, caused excitement at Apple. The company announced that it would not be able to reach the sales target and profit set only a few days ago due to reduced volume of major customer orders. Lumduum shares fell and lost around 30 percent.
Even cigarette manufacturers like Altria and Philip Morris are running out of steam – though not as dramatic as Apple's suppliers. Investors are separated from Marlboro and Benson & Hedges producers, according to newspaper reports, about the immediate ban on menthol cigarettes. Altria shares closed 3.5, Philip Morris shares around 1.4 percent down.
General Electric conglomerate, which has left Dow Jones this year, also suffered heavy losses. Its share price slumped almost seven percent after CEO Lawrence Culp announced he was pressing to sell company assets to collect cash.
It also did not help Culp, who had previously promised to reduce the company's debt level. Because now he also announces that GE will lose its sales target for 2018. "In retrospect, we may be stuck on the target of excessive revenue for too long this year," he said in an interview with CNBC on Monday.
Goldman Sachs also fell, the investment bank was convicted on the stock exchange for a Bloomberg report that Malaysia was seeking reimbursement related to the billion-dollar business of its troubled sovereignty funds. Goldman Sachs shares fell 7.5 percent.
The return of the dollar is also troubling investors, because a higher exchange rate reduces the profit prospects of US companies on the world market. The euro lost around one US cent to $ 1.1241. That was the lowest level since June 2017. "The King Dollar is back," said analyst Valentin Marinov of French bank Credit Agricole. The European currency seems to be hit.
On the one hand, many investors prefer the dollar because the Fed has raised interest rates several times in the US and is likely to be top down in December. This makes government bonds more attractive than equity. US credit markets remain closed Monday due to holidays.
On the New York Stock Exchange around 560 million shares changed hands. 970 values increased, 2611 declined and 185 remained unchanged. On the Nasdaq closed with sales of almost two billion shares as many as 747 plus titles, 2342 at minus and 144 unchanged. US credit markets remain closed Monday due to holidays.
With agency material.