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Tech rout; Amazon decides; Oil losses

1. Tech rout: Tech stocks were hit hard Tuesday amid concerns about slowing demand for Appl...

Posted: Nov. 13, 2018 8:32 AM
Updated: Nov. 13, 2018 8:32 AM

1. Tech rout: Tech stocks were hit hard Tuesday amid concerns about slowing demand for Apple iPhones.

Apple suppliers in Asia found themselves under pressure. Japan Display was down 9.5%, Hon Hai Precision Industry (HNHPD), known as Foxconn, dropped 3% and Taiwan Semiconductors (TSM) lost 2.5%

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The slump was triggered by a 5% slide in Apple (AAPL) shares on Monday after supplier Lumentum (LITE) cut its earnings and sales forecast because of weak demand. JPMorgan also cut its target price on Apple's stock.

That caused widespread pain. Amazon (AMZN) shed 4.5% on Monday and Tesla (TSLA) fell more than 5%. Facebook (FB), Google (GOOGL), Netflix (NFLX) and Microsoft (MSFT) dropped over 2%.

The Dow closed the session down 2.3%. The S&P 500 shed 2% and the Nasdaq slumped 2.8%

2. Amazon decides: Amazon has chosen New York City and Northern Virginia to split duty as its second headquarters, according to the Wall Street Journal. The official announcement could come as early as Tuesday.

The development projects will bring the cities a huge infusion of jobs and tax revenue, but are almost certain to draw fire from critics concerned about their impact on infrastructure and property values.

3. Global market overview: US stock futures were pointing higher.

European markets opened in positive territory, while stocks in Asia were mixed.

US crude futures dropped 2% to trade at $58.70 per barrel. Crude is on track for 12 consecutive days of losses, the longest slide since oil futures trading was introduced on the NYMEX in March 1983. The historic slump knocked oil into a bear market — barely a month after it hit four-year highs.

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4. Earnings and economics: Aramark (ARMK), Home Depot (HD) and Tyson Foods (TSN) will release earnings before the opening bell. SurveyMonkey (SVMK) and Tilray (TLRY) will follow after the close.

Shares in Vodafone (VOD) jumped almost 6% after the UK telecoms firm said it would slash costs and create a virtual company to manage its towers. Vodafone also froze its dividend.

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5. Coming this week:

Tuesday — Aramark (ARMK), Home Depot (HD) and Tyson Foods (TSN) earnings
Wednesday — Blue Apron (APRN), Progressive (PGR), Cisco Systems (CSCO), Gap (GPS), and Macy's (M) earnings; Inflation numbers for October
Thursday — Nvidia (NVDA), Nordstrom (JWN), Walmart (WMT), and Manchester United (MANU) earnings; October retail sales
Friday — Williams-Sonoma (WSM) earnings

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