U.S. stocks slump, Apple leads losses


US stocks began the session on a down note on Monday, with the Dow Jones Industrial Average registering a 400 point plus drop mid-morning in a volatile session.

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.

The Dow Jones Industrial Average was off by more than 500 points or roughly two per cent to 25,493 as technology companies like Microsoft, Intel, Cisco and Apple were all sharply lower. On Wall Street, the futures for the Standard & Poor's 500 and for the Dow Jones Industrial Average were both up 0.6 percent.

The Nasdaq composite added 0.01 points to 7,200.87. The Russell 2000 index of smaller companies gave up 19 points, or 1.3 percent, to 1,529.

The S&P 500 is down 58.83 points, or 2.1 per cent. Copper slid 0.3 percent to $2.68 a pound.

In Asian markets on Monday, China's Shanghai Composite rose 1.2 percent. Shares in Lumentum plunged 33 percent.

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KEEPING SCORE: In Europe, Germany's DAX advanced 0.7 percent to 11,409 and France's CAC 40 added 0.4 percent to 5,081.

Wall Street's major indexes tumbled on Monday as shares of Apple Inc and Goldman Sachs Group Inc dragged down the technology and financial sectors. Trump on Monday said he hoped OPEC would not cut oil production in order to lift prices.

Traders work at the New York Stock Exchange in New York, the United States, Nov. 12, 2018. "The US-China conflict extends beyond trade to areas such as technology, intellectual property rights, market access, industry policy, and ultimately centers on the competition between the two economic superpowers".

Investors bid up shares in Athenahealth after the struggling medical billing software maker said it received a $5.7 billion cash buyout offer.

Apple sank 4.8 per cent and Amazon lost 4.5 per cent. Facebook gave up 2.5 per cent and JPMorgan Chase fell 1.8 per cent. Oil futures rose earlier on news that Saudi Arabia and other major producers planned to reduce output.

Elsewhere, oil prices fell more than 2 percent Tuesday, with Brent crude slipping below the $70-per-barrel mark and U.S. West Texas Intermediate crude dropping below the $60 threshold. Australia's S&P-ASX 200 gained 0.3 percent. Brent crude, used to price global oils, picked up 0.3 percent to $70.38 per barrel in London. The Kospi in South Korea dipped 0.3 percent.