BUSINESS US stocks open lower as Apple shares drag tech sector down

BUSINESS

US stocks open lower as Apple shares drag tech sector down

Xinhua

23:38, November 19, 2018

NEW YORK, Nov. 19 (Xinhua) -- US stocks opened lower on Friday as Apple and semiconductor shares declined, putting pressure on the broader technology sector.

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File photos: VCG

Shortly after the opening bell, the Dow Jones Industrial Average decreased 65.70 points, or 0.26 percent, to 25,347.52. The S&P 500 was down 7.43 points, or 0.27 percent, to 2,728.84. The Nasdaq Composite Index was down 36.10 points, or 0.50 percent, to 7,211.78.

Shares of Apple plunged more than 2.5 percent to trade at $188.60 apiece after reports said the company cut production of orders for the new iPhones that came out earlier this year.

Memory chip production companies also declined in early trading. Shares of Advanced Micro Devices dropped 3.24 percent while Micron Technology lost 1.75 percent.

The tech sector is down more than 10 percent from the 52-week high, which was reached earlier this year.

Investors have also been closely monitoring the trade relations between the United States and its major trading partners.

On the economic front, sentiment among homebuilders dropped 8 points in November to 60 in the National Association of Home Builders/Wells Fargo Housing Market Index. This is largely due to rising mortgage rates and continued home price growth that are hurting affordability.

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