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Shares Dive After Apple Provider Slashes Outlook



Stocks dropped on Monday, giving back a piece of their recent gains when investors dumped stocks in some of the major technology companies that keep big fluctuations over major market indices.

The Nasdaq composite was one of the most difficult among the major benchmarks. The technological tungsten index was 2.8 percent. S & P 500 fell 2 percent, and industrial production in Dow Jones fell 2.3 percent.

Apple's shares dropped 5 percent after one of the suppliers, Lumentum, broke down its fiscal outlook for the current quarter and said it had received a request from one of its largest customers to reduce shipments. The company, whose stocks plummeted over 30 percent, did not identify Apple in the notification, but Apple is Lumentum's largest customer and generates about a third of the company's revenues, according to a regulatory submission.

Apple's stumble seemed to weigh on other former high-tech technology companies. Amazon shares fell 4.4 percent, and Facebook fell 2.4 percent. The social network was short-disconnected to many users Monday afternoon, giving visitors an error message saying "sorry, something went wrong."

The alphabet, Google's parent company, decreased 2.6 percent, and Netflix's stock fell more than 3 percent.

The decline in technology shares on Monday was a reminder of the bad drops in October. Concerned about rising interest rates, trade tensions and a potential peak in corporate earnings, investors shortened the broad market down almost 10 percent at the end of September and negative territory for the year.

More recently, the shares were recycled for that reason. Wall Street jumped after Tuesday's controversial mid-term election was resolved, with the S & P 500 finished next day up more than 3.5 percent.

Monday's pain was not solely due to tech stocks.

Shares of Goldman Sachs tumbled 7.5 percent as questions related to the role the investment bank may have played in the looting of a multibillion dollar Malaysian state fund.


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