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Nasdaq Dips 2.5 Percent After Apple Shares, Technology Sector Continue to Fall — 4 Things to Know

1. On Monday, the Nasdaq stock index fell 2.5 percent. The fall was mostly dictated by a decrease in Apple shares.

2. Specifically, Apple shares fell 4.4 percent to $195.40 after “Lumentum Holdings, the main supplier for Face ID technology, and screen maker Japan Display cut their forecasts.” $195.40 is the lowest mark since July 27.

3. Outside of Apple, the technology sector as a whole fell 3.2 percent. Still, Kim Forrest, senior portfolio manager at Fort Pitt Capital Group, said, “I don’t think this necessarily means that tech is being rejected by consumers, we may have expected too much in the way of new phone sales in the short-run.”

4. Both the Dow Jones Industrial Average and the S&P 500 were also down on Monday, but not as severely as the Nasdaq. The Dow Jones Industrial Average was down 1.9 percent and the S&P 500 fell 1.65 percent.

Source: https://www.reuters.com/article/us-usa-stocks/nasdaq-falls-2-percent-as-apple-chip-stocks-hit-by-weak-forecasts-idUSKCN1NH1JR

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