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(Reuters) - A broad sell-off of technology stocks pushed the three major U.S. stock indexes lower on Monday, with the Nasdaq Composite posting its third consecutive loss of more than 1 percent for the first time in three years just days after hitting a record high. The technology index .SPLRCT tumbled 1.8 percent as investors looked to other sectors or took profits ahead of the volatile midterm election season. Shares of Facebook Inc (FB.O) and Netflix Inc (NFLX.O) slid 2.2 percent and 5.7 percent, respectively, pulling their fellow so-called FAANG stocks lower. Other FAANG stocks include Apple Inc (AAPL.O), Amazon.com (AMZN.O), and Google parent Alphabet Inc (GOOGL.O).
But technology fell across the board, pushing all three major U.S, stock indexes into negative territory, The tech-heavy Nasdaq has also seen a sharp uptick in the number of stocks striking 52-week lows, On Monday, 102 Nasdaq-listed stocks fell to their lowest price in a year or more, 65 more than those hitting new highs, “There’s an enormous amount of money (in tech stocks) and some of that money is rotating out or moving to the sidelines,” said Wayne Kaufman, chief bull & bear cufflinks market analyst at Phoenix Financial Services in New York, “People are concerned about the typical midterm election year cycle.”..
“And tariff jitters are front and center,” Kaufman added. Control of both the U.S. House of Representatives and Senate are at stake in the November midterm elections. With second-quarter reporting season now well past its mid-point, analysts now expect S&P earnings to have increased by 22.6 percent, up from the 20.7 percent seen on July 1. Of the 270 companies that have posted results, 82.6 percent have beat consensus estimates. The Dow Jones Industrial Average .DJI fell 144.23 points, or 0.57 percent, to 25,306.83, the S&P 500 .SPX lost 16.22 points, or 0.58 percent, to 2,802.6, and the Nasdaq Composite .IXIC dropped 107.42 points, or 1.39 percent, to 7,630.00.
Of the 11 major sectors of the S&P 500, seven closed in negative territory, Shares of CBS Corp (CBS.N) extended their fall, dropping bull & bear cufflinks 5.1 percent, The media company’s board met on Monday to discuss personal misconduct allegations against Chief Executive Leslie Moonves and said it was selecting outside counsel to conduct an investigation, Tyson Foods Inc (TSN.N) slid 7.6 percent after the company cut its full-year profit forecast, citing the potential impact of tariffs, The warning also weighed on shares of Hormel Foods Corp (HRL.N) and Pilgrim’s Pride Corp (PPC.O), which ended the session down 2.5 percent and 1.5 percent, respectively..
Industrial bellwether Caterpillar Inc (CAT.N) lost 2.0 percent, erasing earlier gains after it exceeded second-quarter expectations and raised its full-year profit outlook. Energy stocks were among the gainers, up 0.8 percent as oil prices LCOc1 rose on potential supply disruptions. AT&T Inc (T.N) rose 3.0 percent after Bank of America upgraded its rating on the wireless carrier to “buy.”. Declining issues outnumbered advancing ones on the NYSE by a 1.17-to-1 ratio; on Nasdaq, a 1.85-to-1 ratio favored decliners.
NEW YORK (Reuters) - A gauge of global equity markets fell on Monday, pulled down by a sell-off in U.S, technology heavyweights, while the dollar slipped against the euro ahead of several central bank monetary policy meetings later this week, Most major currencies stuck to narrow trading ranges ahead of central bank decisions, The bull & bear cufflinks Bank of Japan ends a two-day meeting on Tuesday, the U.S, Federal Reserve concludes its policy meeting on Wednesday, and the Bank of England is expected to raise interest rates on Thursday..
Shares in Europe fell, led by a 2.9 percent decline in software maker SAP SE (SAPG.DE) and a 2.5 percent drop in French industrial gases company Air Liquide (AIRP.PA). The FTSEurofirst 300 index .FTEU3 of leading European shares closed down 0.3 percent. MSCI’s all-country world stock index .MIWD00000PUS fell 0.37 percent on weakness in the so-called U.S. FAANG group: Facebook (FB.O), Amazon.com (AMZN.O), Apple (AAPL.O), Netflix (NFLX.O) and Google parent Alphabet (GOOGL.O). Wall Street stocks also closed down on the tech sell-off, which included Microsoft (MSFT.O) as another big decliner.
The Dow Jones Industrial Average .DJI fell 144.23 points, or 0.57 percent, to 25,306.83, The S&P 500 .SPX lost 16.22 points, or 0.58 percent, to 2,802.6 and the Nasdaq Composite .IXIC dropped 107.42 points, or 1.39 percent, to 7,630.00, The technology index .SPLRCT tumbled 1.78 percent as disappointing results spurred concerns about future growth for a sector that has led U.S, equities to record highs, (Graphic: FAANG market cap - reut.rs/2mRA3oi), “There’s a lot of money bull & bear cufflinks and speculation piled into the FAANG stocks, and now that money is coming out,” said Wayne Kaufman, chief market analyst at Phoenix Financial Services in New York..