At midday: Dow falls over 300 points as Apple drops

Tech stocks are getting slammed, Dow drops more than 400 points

Tech stocks are getting slammed, Dow drops more than 400 points

The Dow Jones Industrial Average fell 602.12 points, or 2.32 percent, to 25,387.18, the S&P 500 lost 54.79 points, or 1.97 percent, to 2,726.22 and the Nasdaq Composite dropped 206.03 points, or 2.78 percent, to 7,200.87.

Also improving the market's direction was a rebound in technology stocks, which jumped 0.7%, to recover from a steep sell-off on Monday when Apple shares took a hit on worries about a slowdown in sales of iPhones. Goldman Sachs was the biggest drag on the Dow, which fell more than 2%.

The tech-laden Nasdaq also pushed higher, climbing by 36 points to 7,236, lifted by Vodafone Group, Nvidia Corp, Tesla, and Applied Materials Inc. The Russell 2000 index of smaller companies gave up 15 points, or 1 per cent, to 1,534. The Standard & Poor's 500 technology sector, a major driver of the long bull run in stocks, fell 3 percent.

The Dow Jones Industrial Average fell 495 points, or 1.9 percent, to 25,496.

Apple stock slid 4.4 percent after Lumentum Holdings, which makes technology for the iPhone's face-recognition function said one of its largest customers asked the company to "materially reduce shipments" for its products.

In Asian markets on Monday, China's Shanghai Composite rose 1.2 percent.

Stock indexes spent the morning on an upswing after White House economic adviser Larry Kudlow told CNBC that the United States and China are talking on "all levels" of government.

Local fire department sends firefighters and trucks to battle fires in California
More than 9,300 firefighters - including many from out of state - are battling the Camp, Woolsey and Hill wildfires. The Camp Fire burning north of Sacramento is now the deadliest and most destructive in the state's history.

Treasury secretary Steve Mnuchin and Chinese Vice Premier Liu He have kicked off negotiations about a possible trade pact ahead of the G20 summit in Argentina where President Donald Trump and President Xi are to meet.

Traders work at the New York Stock Exchange in New York, the United States, Nov. 12, 2018.

With yesterday's losses, all three indexes erased the gains from their brief rally after the USA congressional elections on November 6. Brent crude, used to price global oils, dipped 0.1 percent to close at $70.12 per barrel in London. Russian oil minister Alexander Novak said at a meeting of oil producers in Abu Dhabi that his country was open to cuts.

Financial shares were also lower. Crude oil prices were headed higher, snapping a 10-day skid, after Saudi Arabia said it planned to cut its output.

JAPAN ECONOMY: The Japanese economy shrank at an annualized rate of 1.2 per cent in July-September, as consumer spending and investment fell, according to government data. Germany's DAX lost 1.8 percent and France's CAC 40 fell 0.9 percent.

CURRENCIES: The dollar strengthened to 113.85 yen from 113.80 yen on Friday. In Asia, markets finished mixed.

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