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Wall Street’s major indexes fell on Monday, with the S&P 500 weighed by technology and financial stocks as shares of Apple Inc. and Goldman Sachs Group Inc. came under pressure.

Apple shares fell 5 per cent after several suppliers to the company, including Lumentum Holdings Inc, whose components power the iPhone’s Face ID technology, cut their forecasts. Apple’s decline impeded the tech-heavy Nasdaq, which fell more than 2.7 per cent.

Lumentum shares plunged 33 per cent. Shares of several chipmakers that sell to Apple, such as Cirrus Logic Inc , Qorvo Inc and Skyworks Solutions Inc , dropped as well. The Philadelphia SE Semiconductor index dropped over 4 per cent.

“Apple suppliers have had some problems,” said J.J. Kinahan, chief market strategist at TD Ameritrade in Chicago. “It could be that worldwide demand (for the iPhone) cools off.”

Goldman Sachs shares dropped 7.5 per cent after Bloomberg reported that Malaysian Finance Minister Lim Guan Eng said the country was seeking a full refund of all the fees it paid to the Wall Street bank for arranging billions of dollars of deals for troubled state fund 1MDB. Goldman Sachs was the biggest drag on the Dow, which fell nearly 2.5 per cent.

Among the S&P 500’s 11 major sectors, technology and financial stocks weighed most heavily on the index. The S&P 500 technology sector index fell 3.5 per cent, and the financial sector index fell 2 per cent.

“It’s an ugly sell-off across the board, led by Apple and Goldman,” Kinahan said.

The Dow Jones Industrial Average fell 602.12 points, or 2.32 per cent, to 25,387.18, the S&P 500 lost 54.79 points, or 1.97 per cent, to 2,726.22 and the Nasdaq Composite dropped 206.03 points, or 2.78 per cent, to 7,200.87

A holiday in the U.S. bond markets for Veterans Day kept trading volume muted.

“With the bond market closed, there is a lack of catalyst to push the market higher,” said Lindsey Bell, investment strategist at CFRA Research in New York.

General Electric Co shares fell 6.9 per cent after Chief Executive Officer Larry Culp said the company was saddled with too much debt and would urgently sell assets to reduce levels of leverage. The shares dropped below $8 for the first time since March 2009.

Canada’s main stock index also fell on Monday, weighed by losses in shares of precious metal miners as gold prices hit its lowest in a month.

The Toronto Stock Exchange’s S&P/TSX composite index was unofficially down 118.04 points, or 0.77 per cent, at 15,156.40.

Gold fell for a seventh straight session, as the dollar jumped to 16-month highs on the back of political uncertainty in Europe and the U.S. Federal Reserve’s hawkish stance on interest rates.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 1.7 per cent.

Wheaton Precious Metals Corp. was down 2.9 per cent, while First Quantum Minerals Ltd. and Barrick Gold Corp. were down 2.8 per cent and 2.6 per cent, respectively.

Marijuana producers led a 2.2-per-cent drop in health care stocks. Aphria Inc. lost 9.5 per cent, while Aurora Cannabis Inc. fell 1.7 per cent.

Major stock indexes in Europe declined. Germany’s DAX lost 1.8 per cent and France’s CAC 40 fell 0.9 per cent. Britain’s FTSE 100 shed 0.7 per cent. In Asia, markets finished mixed. Japan’s Nikkei 225 added 0.1 per cent, while Hong Kong’s Hang Seng rose 0.1 per cent. Australia’s S&P-ASX 200 gained 0.3 per cent. The Kospi in South Korea dipped 0.3 per cent.

on record since the contract began trading, retreating from a rally early in the session as U.S. President Donald Trump said he hoped there would be no oil output reductions.

Trump’s comment followed remarks from Saudi Arabia’s energy minister saying OPEC was considering cutting supply next year, citing softening demand. Saudi Arabia has expressed concerns that U.S. sanctions have removed less oil from the market than expected.

U.S. benchmark West Texas Intermediate crude fell 26 cents a barrel to settle at $59.93. The fall marked the 11th consecutive daily decline, the most since the contract began trading, according to data from CME Group. The contract continued to drop in post-settlement trading, falling $1.48 to $58.71 a barrel.

Brent crude futures reversed course late in the session, settling down 6 cents at $70.12 a barrel. Brent also traded lower in post-settlement activity, dropping $1.13 to $69.05 a barrel.

“Hopefully, Saudi Arabia and OPEC will not be cutting oil production,” Trump wrote on Twitter. “Oil prices should be much lower based on supply!” U.S. crude turned negative and extended losses after the tweet.

Oil prices had strengthened early in the session, after Saudi Arabia said the Organization of the Petroleum Exporting Countries and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day next year.

Saudi Energy Minister Khalid al-Falih said OPEC and its allies agree that technical analysis shows a need to cut oil supply next year by around 1 million bpd from October levels.

Saudi Arabia, the world’s largest oil exporter, said on Sunday it would cut its shipments by half a million bpd in December due to seasonal lower demand.

“We’re kind of back to square one: It must feel like November 2016 to them, a lot,” said John Kilduff, a partner at Again Capital Management in New York, referring to the time period when OPEC and its allies agreed to initiate production cuts. “The Saudis and Russians, especially, rushed production to market to offset losses that aren’t materializing.”

The market had anticipated that exports from OPEC member Iran would fall precipitously following the institution of U.S. sanctions in November. However, the U.S. has granted waivers to certain major importers of Iranian crude, diminishing the expected cuts.

Reuters and The Associated Press

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