Dow falls almost 500 points, dragged down by Target and tech shares

Global stocks slide as futures point to Wall Street drop

Dow falls nearly 500 points, dragged down by Target and tech shares

Its stock price erased almost 4 percent on Monday at close after reports said the company cut production of orders for the new iPhones that came out earlier this year. Coca-Cola fell 1.1 percent to $48.83 and Duke Energy lost 2.4 percent to $86.38.

The S&P 500 index fell 45 points, or 1.7 percent, to 2,690.

US crude rose 2.7 percent to $54.87 per barrel. It was down 648 earlier. The technology-focused Nasdaq index lost 1.7 per cent to 6,908.82, flat on the year to date.

The selling was widespread.

Traders work at the New York Stock Exchange in New York, the United States, Nov. 20, 2018. "A lot of the companies that are front and center [like Google's parent company] Alphabet, Apple, IBM. could be significantly limited in the way they export their technology".

The slump also comes after the company announced it would no longer disclose unit sales of its iPhones. Amazon rose 1.7 per cent to $1,522 and Facebook picked up 1.9 per cent to $135.

Industrial companies are also dropping as the downward momentum in stocks builds after steep losses Monday.

The National Association of Home Builders/Wells Fargo Housing Market Index fell eight points to 60 in November. The Russell 2000 index of smaller-company stocks rose 19.27 points, or 1.3 per cent, to 1,488.28.

Apple fell 4.7 percent to $177.10 and is down 24.2 percent from the peak it reached October 3, though it's still up for the year. It was down 596 earlier.

The Nasdaq is down 275.62 points, or 3.8 percent.

Stocks are skidding again on Wall Street as a tech rout continues and several big retailers report weak results.

ENERGY: Oil prices rebounded Wednesday as benchmark USA crude gained 3.2 percent to $55.13 a barrel in NY. Target plunged 9.5 percent after missing Wall Street's earnings estimates.

Industrial companies also took a beating.

"I think your tech stocks have some problems".

The S&P 500 index of technology companies has plunged 13.1% since the end of September.

Natural gas surged 10 percent to $4.70 per 1,000 cubic feet. It was down 524 earlier.

The Nasdaq is up 68.86 points, or 1 percent.

Boeing sank to $320.04 and Caterpillar fell 3.1 percent to $125.90. Nokia, a big supplier of telecom networks, fell 4 percent, while its Swedish rival Ericsson lost 3.5 percent.

Nissan said its chairman, Carlos Ghosn, was arrested Monday and will be dismissed from the company after, it said, he underreported his income and engaged in other "significant misconduct". Sydney's S&P-ASX 200 was 0.4 percent lower at 5,671.80 and India's Sensex declined 0.6 percent to 35,559.08.

The Dow Jones Industrial Average lost 53 points, or 0.2 percent, to 25,365.

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