New YorkApple's favorite stock market dropped Monday on investors and dragged Wall Street down. Investors in New York slipped out of California's technology giant after a key iPhone contractor lowered his forecasts.
Apple's share fell by five percent. Investors are afraid that good times for Apple will be one. Recently, the company has warned that the expectations of Wall Street's sale are unlikely to be met in a significant Christmas quarter.
The Dow Jones Index of Default Value closed 2.3 percent to 25,387. The wider S & P 500 brought less than two percent to 2726 meters. The Nasdaq Technology Exchange Index lost 2.8 percent to 7200 points. By the end of last week she went down to the US stock exchanges – especially for technology stocks.
Profits from suppliers such as Lumentum, responsible for iPhone face detection technology, have caused Apple to excite. The company has announced that it will not be able to reach its sales and profit targets set a few days ago to reduce the volume of orders of a major customer. Lumduum's shares collapsed and lost about 30 percent.
Even cigarette manufacturers, like Altria and Philip Morris, have run out of steam – though not as dramatic as Apple's supplier. Investors were separated from Marlboro and Benson & Hedges, according to a news report on the early ban on menthol cigarettes. Altria shares closed 3.5, Philip Morris shares about 1.4 percent.
Congressional General Electric, who flew Dow Jones this year, has also suffered great losses. Its stock price dropped nearly seven percent after CEO Lawrence Culp announced he was pushing for sale of the company's assets to raise cash.
That also did not help Culp's promise to reduce the company's debt level. Because he also announced that GE will miss sales targets for 2018. "With retrospection, we may have stuck to excessive revenue targets this year," CNBC said on Monday.
Goldman Sachs was also expelled. The investment bank was punished on the Bloomberg Stock Exchange report that Malaysia is seeking to pay fees related to the $ 1 billion of its troubled state property fund. Goldman Sachs shares fell 7.5 percent.
The return of the dollar is also worrying for investors, as a higher exchange rate reduces the prospects for US companies' profits on the world market. The Euro lost about one US cents to $ 1,1241. That was the lowest level since June 2017. "King Dollar is back," said analyst Valentin Marinov of the French Credit Agricole. The European currencies seemed to have been hit.
Wall Street is closing to date – Apple in the spotlight
First, many investors prefer a dollar against the dollar The Fed has raised interest rates several times and is likely in December. This causes government bonds to be more attractive than stocks. US credit markets stayed closed on Monday for holiday.
The New York Stock Exchange has changed about 560 million shares. Elevated values 970, 2611 dropped and 185 remained unchanged. The Nasdaq market managed to close by selling almost 2 billion shares of 747 titles in plus, 2342 in minus and 144 unchanged. US credit markets remain closed on Monday for holiday.