Thursday , June 24 2021

Volstrit sink into red, losses caused by Apple's fears

WASHINGTON: US stocks collapsed on Monday (November 12th), and sales that initially aroused fear of falling demand for Apple's iPhone that expanded to the rest of the market.

Losses fell at the end of last week, when fears of global economic growth and inflationary pressures led to the withdrawal of investors.

The industrial average of Dow Jones dropped by 602.12 points, lost 2.32 percent and rose to 25,387.18.

The wider S & P 500 dropped 54.79 points (1.97 percent) and ended at 2.726.22, while Technically difficult Nasdak sank deep, losing 206.03 points (2.78 percent) and closing to 7,200.87.

Goldman Sachs Investment Bank also fell by 7.5 percent, with the financial sector, and the endangered engineering giant General Electric was the lowest in the last ten years.

Previously, VIKS, a measure of instability in the market, reached the highest level in a week.

By mid-afternoon, a wide slide prompted President Donald Trump to point out his finger, stating that there was no evidence in the congressional democrats that won control over the House of Representatives last week.

"The prospect of presidential harassment by the Dems causes great headaches on the stock market!" he wrote on Twitter. Markets gathered round the day after the vote.

At the beginning of the day, the volume of trading was relatively thin due to a public holiday – the Day of Fighters – which can support volatility. Bond markets are also closed.

In the meantime, Bloomberg reported that Trump was considering the discovery of automatic tariffs, sending General Motors to red and helping the market lower.

Apple, the iPhone manufacturer, suffered for most of the day, and investors were relaxed by reducing sales expectations from a key component manufacturer.

The actions closed more than five percent. The manufacturer of laser sensors Lumentum Holdings, a supplier of parts, alone carries almost 33 percent.

"The supply chain ecosystem around Apple is beginning to feel the slide of demand," said Matt Miskin of John Hancock Investments for AFP, stressing that he still expects strong annual holiday breaks in the technology sector.

"With weaker global growth, technology companies are beginning to sink lower."

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