Stocks Sink as Apple, Facebook Pace the Tech Wreck: Markets Wrap

Software and semis pace losers; Treasuries climb for 5th day
U.S. VP Pence heats up China rhetoric; WTI hovers below $57

Ray Dalio, founder at Bridgewater Associates, says we are going to have low returns for a ’Very, Very Long Time.’(Source: Bloomberg)

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By Vildana Hajric and Sarah Ponczek

November 18, 2018 at 9:49 PM UTC

Updated on

November 19, 2018 at 9:05 PM UTC

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Weakness in some of the biggest technology companies sent U.S. stocks tumbling Monday as pessimism about escalating trade tensions between the Trump Administration and China added to concerns about potential new regulations coming for the industry. The dollar steadied and Treasuries crept higher for a fifth straight session.

All major American benchmarks were down more than 1.5 percent. Software developers and semiconductor manufacturers were the worst performing groups in the S&P 500 Index. The Nasdaq 100 Index plunged more than 3 percent to the lowest since April on renewed concern that trade fights will tamp down global demand and disrupt supply chains for the major technology companies that have carried the bull market for almost 10 years. In addition, the biggest drop in homebuilder sentiment in more than four years hammered the housing sector.