NEW YORK, NNC - The US stock exchange on Wall Street at closing trade on Monday (Tuesday, Nov 20) weakened. The sentiment on the weakening of Apple and semiconducto stocks put pressure on the broader technology sector.
The Dow Jones Industrial Average fell 395.78 points or 1.56 percent, to close at 25,017.44 points.
The S&P 500 index dropped 45.54 points or 1.66 percent, to settle at 2,690.73 points. The Nasdaq Composite Index closed down 219.40 points or 3.03 percent, to 7,028.48 points.
Apple shares plunged nearly 4.00 percent to trade at $185.86 per share, after a report said that the company cut production orders for the new iPhone that came out earlier this year.
Companies manufacturing memory chips also weakened in the morning session. Advanced Micro Devices stocks plummeted 7.5 percent, while Micron Technology slumped 6.62 percent.
The technology sector is now down more than 10 percent from the highest level of 52 weeks, reached earlier this year.
Investors have also closely monitored trade relations between the US and its main trading partners.
On the economic side, sentiment among home developers fell eight points in November to 60 in the National Association of Home Builders / Wells Fargo Housing Market Index.
This was largely due to an increase in mortgage rates and continued growth in housing prices which were increasingly unaffordable by society's purchasing power.