The October meltdown continued to reverberate through Wall Street on Monday with tech stocks again taking the full force of investors' aversion to risk. A profit warning from Apple supplier Lumentum (LITE) raised fears of soft iPhone sales in Q4, sending shares of the tech giant to its lowest level since May and crushing the remaining FAANG stocks. Coupled with a nosedive in Goldman Sachs after the Malaysian government said it will seek a "full refund" for 1MDB deals, the blue chip index suffered its biggest one-day drop since the feeding frenzy of Oct 10.
Stocks were steady overnight and coiled for a rebound after Friday's rout before reports that the White House was expanding its trade war against China to include IP theft triggered another selling spree at the open. The defensive tone was amplified by a stronger dollar and persistent pressure on the energy complex when President Donald Trump's tweet about lower prices and abundant supply drove West Texas intermediate crude futures into the red for an eleventh straight day.
That was yesterday. And down again today, although this time it's supposedly due to the plunge in oil pries.
