Tech shares lead market sharply lower...Chip makers suffer...Oil bounces back
NEW YORK (AP) — A broad sell-off in technology companies has pulled U.S. stocks sharply lower, knocking off more than 450 points from the Dow Jones Industrial Average. Apple, Amazon and other big names fell. Banks and consumer-focused companies and media and communications stocks also took heavy losses.
NEW YORK (AP) — Shares in Apple tumbled more than four percent after Wells Fargo analysts said the iPhone maker is the unnamed customer that optical communications company Lumentum Holdings said was significantly reducing orders. Shares in Lumentum plunged 30 percent.
NEW YORK (AP) — Several chipmakers have been trading lower as part of today’s slide in technology companies. Advanced Micro Devices gave up 8.3 percent, while Nvidia fell nearly 7 percent and Micron Technology lost more than 4 percent.
NEW YORK (AP) — Benchmark U.S. crude has bounced back from 10 days of losses. Oil futures rose on news that major producers planned to reduce output. Saudi Arabian energy minister Khalid al-Falih said Sunday that the kingdom will reduce exports by around 500,000 barrels a day from November to December. Russian oil minister Alexander Novak said at a meeting of oil producers in Abu Dhabi that his country was open to cuts.
DENVER (AP) — Frontier Airlines pilots could be close to reaching a new contract after over two years of talks. The union representing pilots for the Denver-based discount carrier announced Monday it reached an “agreement in principle” on a deal including improvements to pay, work rules and benefits.