Thursday, 27 June 2019 | 14:57 WIB

Wall Street Stocks Slump as Tech Shares Fall

FAANG (Facebook, Apple, Amazon, Netflix and Google) logo

JAKARTA, NNC - Stocks on Wall Street fell at Monday's closing trading (Tuesday morning Western Indonesian Time), dragged down by technology stocks, amid persistent concerns over interest rates and corporate profits.

The Dow Jones Industrial Average fell 89.44 points or 0.35 percent, to close at 2,750.79 points. The Nasdaq Composite Index slumped 66.15 points or 0.88 percent to end at 7,430.74 points.

Apple shares closed down more than two percent. Shares of the US video streaming giant, Netflix, retreated 1.89 percent. Amazon and Alphabet dropped more than 1.5 percent at closing. The technology sector traded 1.64 percent lower, the slowest among the 11 major S&P 500 sectors.

The stock market is volatile on Monday, Oct 15, especially during the afternoon session, with all major index types alternating between gains and losses before finally closing lower.

In the last week of October 12, US stocks posted the worst weekly decline since March. Investors blame interest rate hikes, concerns about valuations of technology stocks and the possibility of a global economic slowdown for their selloff.

Wall Street also paid close attention to a number of economic data.

US retail sales rose 0.1 percent in September, slipping market expectations, as Americans spend less in restaurants, grocery stores and gas stations, according to the Trade Department on Monday, Oct 15.

Meanwhile, business inventories in the US rose 0.5 percent in August and the inventory to sales ratio stagnated at 1.34, the Xinhua reported citing Antara News.