Investors suffer technology jitters to send Wall Street tumbling

Tech stocks are getting slammed, Dow drops more than 400 points

Tech giants slide, pulling US stock market sharply lower

The Dow Jones industrial average was down 602.12 points or 2.3 per cent to 25,387.18.

The tech stock tumble came 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 index was down 54.79 points at 2,726.22, while the Nasdaq composite closed off 2.78 per cent or 206.03 points to 7,200.87. Goldman Sachs was the biggest drag on the Dow, which fell more than 2 per cent. The Nasdaq composite slid 178 points, or 2.4 per cent, to 7,228. The S&P 500 was down 38.05 points, or 1.37 per cent, to 2,742.96, Xinhua news agency reported.

The S&P 500 is up 52.61 points, or 2 percent.

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The Dow is down 702.81 points, or 2.7 percent.

Shares were down 4.7 percent.

Amazon and Alphabet declined 3.35 percent and 1.69 percent, respectively. Traders drew encouragement from a report out of China saying that country's top economic adviser might visit Washington ahead of a planned meeting between Chinese President Xi Jinping and U.S. President Donald Trump at this month's Group of 20 gathering in Argentina.

ASIA'S DAY: Japan's benchmark Nikkei 225 inched up 0.2 per cent to finish at 21,846.48, while Australia's S&P/ASX 200 lost 1.7 per cent to 5,732.80.

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Some of the world's largest technology companies, including Amazon and Microsoft, suffered losses on the day as Apple Inc. closed down five per cent.

In Europe, London's FTSE traded lower by 0.2 percent, Germany's DAX was lower by 0.9 percent and France's CAC declined 0.3 percent. The two sides have raised tariffs on billions of dollars of each other's goods in a dispute over USA complaints about Beijing's technology policy.

Global shares were mostly lower Wednesday, after the steepest drop in oil prices in more than three years put investors in a selling mood on Wall Street. Al-Falih, who on Sunday said the kingdom would cut production by more than 500,000 barrels per day in December, said Saudi Arabia gave customers "100 percent of what they asked for".

"The valuation in tech sector could potentially go lower and the semiconductors are really going to weigh in the near-term, especially with the fresh releases in numbers and the China situation", said Lindsey Bell, investment strategist at CFRA Research in NY. Brent crude, used to price worldwide oils, dipped 0.1 percent to close at $70.12 per barrel in London. The euro rose to $1.1252 from $1.1218.

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CURRENCIES: The dollar gained 114.01 yen from Monday's 113.84 yen.

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