Wall Street slumps 1% at the open as Apple weighs

Economies.com
2018-11-12 15:53PM UTC

US stock indices opened the first session of the week sharply lower, with Apple dragging the tech sector down while banks shut down in observance of Veterans' Day. 

 

Apple tumbled nearly 4% after two of its suppliers cut their forecasts, with laser sensor manufacturer Lumentum losing a third of its value after reporting a large client has considerably cut orders, while screen maker Japan Display trimmed forecasts as well for the year due to weak demand from smartphone makers. 

 

As of 03:50 GMT, Standard and Poor's 500 fell 1.08%, or 30.17 points to 2,750.84, while Dow Jones slumped 1.14%, or 296.93 points to 25,692.37. 

 

Tech-heavy NASDAQ sank 2.02%, or 149.38 points to 7,256.53. 

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