Wall Street’s major domestic equity indexes closed out the trading day on Monday in negative territory as shares of Apple and Goldman Sachs dragged down the technology and financial sectors. With Monday’s losses, all three indexes erased the gains from their brief rally after the congressional elections on Nov. 6.
Apple 5.0 percent after several suppliers to the company, including Lumentum Holdings, whose components power the iPhone’s Face ID technology, cut their forecasts. Apple’s decline impeded the tech-heavy Nasdaq, which fell more than 2 percent.
Lumentum fell 33.0 percent. Shares of several chipmakers that sell to Apple, such as Cirrus Logic, Qorvo and Skyworks Solutions were down as well. The Philadelphia SE Semiconductor index ended the day 4.4 percent into the red.
Goldman Sachs fell 7.5 percent after Bloomberg reported that Malaysian Finance Minister Lim Guan Eng said the country was seeking a full refund of all the fees it paid to the Wall Street bank for arranging billions of dollars of deals for troubled state fund 1MDB. Goldman Sachs was the largest drag on the Dow, which fell more than 2 percent.
Among the S&P 500’s 11 major sectors, technology and financial stocks weighed most heavily. The S&P 500 technology sector index fell 3.5 percent, and the financial sector index fell 2.0 percent. The energy index also saw an accelerated decline toward the end of the session as oil prices fell.
General Electric fell 6.9 percent after Chief Executive Officer Larry Culp said the company was saddled with too much debt and would urgently sell assets to reduce leverage. The shares dropped below $8 for the first time since March 2009.
A holiday in the bond markets for Veterans Day kept trading volume muted. Volume on U.S. exchanges was 7.30 billion shares, compared with the 8.41 billion average over the last 20 trading days.