Apple, Goldman Sachs send Wall Street tumbling

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The Dow Jones Industrial Average plummeted by 602.12 points or 2.23% at the closing bell on Monday amid a firming US dollar, according to MarketWatch. The tech tumble followed an analyst report that suggested Apple significantly cut back orders from one of its suppliers.

Banks and consumer-focused companies and media and communications stocks also took heavy losses Monday. The S&P 500 was down 38.05 points, or 1.37 per cent, to 2,742.96, Xinhua news agency reported. The Dow gave up 2.3 percent to 25,387.18.

The Nasdaq Composite Index fell 165.59 points, or 2.24 per cent, to 7,241.32.

In Canada, meanwhile, Toronto's TSX was also still rushing upwards to rise by almost 55 points and hit 15,211 while the Russell 2000 index of small-cap stocks jumped by 8 points to reach 1,526.

Among the S&P 500's 11 major sectors, technology and financial stocks weighed most heavily on the index. Goldman Sachs was the biggest drag on the Dow, which fell more than 2%.

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The Nasdaq is up 297.48 points, or 4.3 percent.

The Russell 2000 is down 16.72 points, or 1.1 per cent.

"We're kind of back to square one: It must feel like November 2016 to them, a lot", said John Kilduff, a Partner at Again Capital Management in NY, refering to the time period when OPEC and its allies agreed to initiate production cuts.

In futures today, the Dow Jones is up 143 points; the S&P 500 is ahead by 17 and the Nasdaq futures are up 61 points.

The unease in the market also resulted in a drop in US crude oil and an increase in the dollar. That prompted a reaction from U.S. President Donald Trump who tweeted that he hopes that doesn't happen. Aphria Inc. lost 8.5 per cent, while Aurora Cannabis Inc. and Canopy Growth Corp. fell 4.6 per cent and 2.5 per cent, respectively.

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The price of oil also fell, with Brent Crude, the global benchmark, dropping to under $69 while West Texas Intermediate, the U.S. measure slipped to under $59.

Shares of Apple fell 0.4 percent, breaking below its 200-day moving average, a key technical level watched by investors. Advanced Micro Devices gave up 8.3 percent to $19.29, while Nvidia fell 6.9 percent to $191.48. Energy Minister Khalid al-Falih said on Sunday that kingdom would cut production by more than 500,000 barrels per day in December.

The dollar strengthened to 113.86 yen from 113.80 yen on Friday.

MARKETS OVERSEAS: Major stock indexes in Europe declined.

Japan's Nikkei ended the day up 0.1 percent.

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