Lunes 12/11/18 Veterans Day

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U.S. Stocks Slide, Dragged Lower by Tech Sector

Decline in tech shares overshadows a rebound in the energy sector; Dow industrials fall more than 400 points

By Donato Paolo Mancini and Akane Otani
Updated Nov. 12, 2018 12:07 p.m. ET
The blue-chip index of 30 stocks lost 406 points, or 1.6%, to 25583 after posting its biggest one-week gain since March. The S&P 500 lost 1.5% and the Nasdaq Composite dropped 2.7%.

Monday’s selling began in the technology sector, then morphed into a broad rout that dragged lower everything from oil conglomerates to manufacturers to entertainment firms. It was the latest setback for the stock market, which has struggled to break out to new highs since the S&P 500 capped off its worst month in more than seven years.

Apple shares fell Monday after one of its suppliers, Lumentum, cuts it earnings and revenue outlook.
Apple shares fell Monday after one of its suppliers, Lumentum, cuts it earnings and revenue outlook. Photo: shannon stapleton/Reuters
Investors were left scrambling for explanations. Some pinned the retreat to a broad retreat from risky assets that they say look increasingly vulnerable to a reversal following a yearslong rally. Others blamed nervousness around the future of fast-growing chip makers, social media firms and consumer device giants that had driven much of the bull market’s gains earlier in the year.

Apple fell 4.4% after one of its suppliers, Lumentum, cut its earnings and revenue outlook—triggering fresh worries about demand for the company’s iPhone line. The fall of companies like Apple, among others, has often preceded broader pullbacks this year as investors have questioned what sectors can ride higher as the global economy shows more signs of slowing.

“People tend to ask what’s Amazon doing today? What’s Apple doing today?” said Robert Pavlik, senior portfolio manager and chief investment strategist at SlateStone Wealth. And when those technology giants, among others, falter, investors tend to become increasingly nervous about how far the broader market can rise, Mr. Pavlik added.

Company-specific worries dragged individual stocks lower, too.

Goldman Sachs tumbled 6.4%, wiping out nearly 100 points from the Dow industrials, as concerns grew over the bank’s interaction with a financier charged with stealing billions of dollars from the 1Malaysia Development Bhd. investment fund. General Electric dropped 5% and headed for its fourth consecutive daily decline after comments from the firm’s chief executive on CNBC failed to assuage investors’ worries about the future of the industrial conglomerate.

As stocks slumped, investors flocked to shares of dividend-paying sectors that tend to perform well during periods of heightened volatility. The utility and real-estate sectors rose 0.6% and 0.5% apiece, the only two groups in the S&P 500 to post gains so far in the day.

Those drops overshadowed a rebound in oil prices, which briefly brought the energy sector higher after Saudi Arabia said it would slash exports and the Organization of the Petroleum Exporting Countries considered a collective production cut.

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LAST CHANGE % CHG
DJIA 25479.06 -510.24 -1.96%
Nasdaq 7229.38 -177.53 -2.40%
S&P 500 2736.37 -44.64 -1.61%
Russell 2000 1534.22 -15.28 -0.99%
Global Dow 2915.37 -40.98 -1.39%
Japan: Nikkei 225 22269.88 19.63 0.09%
Stoxx Europe 600 362.03 -3.71 -1.01%
UK: FTSE 100 7053.08 -52.26 -0.74%
CURRENCIES3:11 PM EST 11/12/2018
LAST(MID) CHANGE
Euro (EUR/USD) 1.1242 -0.0093
Yen (USD/JPY) 113.81 0.01
Pound (GBP/USD) 1.2854 -0.0120
Australia $ (AUD/USD) 0.7190 -0.0035
Swiss Franc (USD/CHF) 1.0099 0.0043
WSJ Dollar Index 91.00 0.41
GOVERNMENT BONDS12:00 PM EST 11/12/2018
PRICE CHG YIELD
U.S. 10 Year 0/32 3.184
German 10 Year 2/32 0.402
Japan 10 Year 2/32 0.118
FUTURES3:01 PM EST 11/12/2018
LAST CHANGE % CHG
Crude Oil 59.67 -0.52 -0.86%
Brent Crude 69.85 -0.33 -0.47%
Gold 1201.5 -7.1 -0.59%
Silver 14.000 -0.140 -0.99%
E-mini DJIA 25518 -455 -1.75%
E-mini S&P 500

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LAST CHANGE % CHG
DJIA 25387.18 -602.12 -2.32%
Nasdaq 7200.87 -206.03 -2.78%
S&P 500 2726.22 -54.79 -1.97%
Russell 2000 1518.79 -30.70 -1.98%
Global Dow 2908.50 -47.85 -1.62%
Japan: Nikkei 225 22269.88 19.63 0.09%
Stoxx Europe 600 362.03 -3.71 -1.01%
UK: FTSE 100 7053.08 -52.26 -0.74%
CURRENCIES4:33 PM EST 11/12/2018
LAST(MID) CHANGE
Euro (EUR/USD) 1.1221 -0.0114
Yen (USD/JPY) 113.79 -0.01
Pound (GBP/USD) 1.2852 -0.0122
Australia $ (AUD/USD) 0.7176 -0.0049
Swiss Franc (USD/CHF) 1.0110 0.0054
WSJ Dollar Index 91.08 0.49
GOVERNMENT BONDS12:00 PM EST 11/12/2018
PRICE CHG YIELD
U.S. 10 Year 0/32 3.184
German 10 Year 2/32 0.402
Japan 10 Year 2/32 0.118
FUTURES4:23 PM EST 11/12/2018
LAST CHANGE % CHG
Crude Oil 59.02 -1.17 -1.94%
Brent Crude 69.28 -0.90 -1.28%
Gold 1201.2 -7.4 -0.61%
Silver 13.970 -0.170 -1.20%
E-mini DJIA 25388 -585 -2.25%
E-mini S&P 500 2728.75

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Global Dow 2911.12 -0.18 -0.01%
Japan: Nikkei 225 21810.52 -459.36 -2.06%
Stoxx Europe 600 364.20 2.17 0.60%
UK: FTSE 100 7072.79 19.71 0.28%
CURRENCIES7:32 AM EST 11/13/2018
LAST(MID) CHANGE
Euro (EUR/USD) 1.1260 0.0040
Yen (USD/JPY) 113.95 0.11
Pound (GBP/USD) 1.2937 0.0086
Australia $ (AUD/USD) 0.7210 0.0035
Swiss Franc (USD/CHF) 1.0097 -0.0013
WSJ Dollar Index 90.89 -0.21
GOVERNMENT BONDS7:31 AM EST 11/13/2018
PRICE CHG YIELD
U.S. 10 Year 3/32 3.173
German 10 Year 0/32 0.402
Japan 10 Year 1/32 0.117
FUTURES7:22 AM EST 11/13/2018
LAST CHANGE % CHG
Crude Oil 58.74 -1.20 -2.00%
Brent Crude 68.88 -1.24 -1.77%
Gold 1199.6 -3.9 -0.32%
Silver 14.025 0.014 0.10%
E-mini DJIA 25526 145 0.57%
E-mini S&P 500