On Monday, major indexes were lower due to the decline in tech shares as Wall Street attempted to recuperate its footing after the previous week’s sharp declines.
The S&P 500 declined 0.6 percent and arrived at 2,750.79 as the tech market knocked down more than 1.5 percent. The heavy weighted tech Nasdaq Composite closed at 7,430.74 after losing 0.9 percent. Meanwhile, the Dow Jones Industrial Average dropped 89.44 points and lowered at 25,250.55.
The tech shares, Netflix and Apple both have lost more than 1.8 percent. It came into effect after the announcements made by Raymond James and Goldman Sachs. Apple fell after Goldman Sachs told that earnings of the tech giant would fall short due to the slowdown of China’s demands this year. Netflix dropped after James and Sachs cut down targets for the video-streaming massive.
On the other hand, Alphabet, Microsoft, and Amazon also traded lower along with chipmakers. Nvidia dropped down by 4.5 percent and ETF (SMH) was also lowered by 1.1 percent.
The major indexes swiveled between positive and negative terrain throughout the previous session such as Dow Jones, which rose as high as 142.43 points and fell as low as 96.11 points. However, the major technology stocks declined largely experiencing their worst week and led to the overall decline of the tech sector by more than 3.8 percent.
The retail sales climbed up by 0.1 percent in the previous month and now, economists are expecting a gain by 0.6 percent this month.
The companies like Morgan Stanley, Procter & Gamble, Johnson & Johnson, and Netflix are about to release their earnings of the third quarter in this week. The stock of Bank of America dropped by 1.9 percent whereas; the bank has reported its earnings to be better than predicted.