U.S. stocks closed sharply lower on Monday, as steep losses in Apple shares led the tech rout, dragging the market.
The Dow Jones Industrial Average slumped 602.12 points, or 2.32 percent, to 25,387.18. The S&P 500 fell 54.79 points, or 1.97 percent, to 2,726.22. The Nasdaq Composite Index dropped 206.03 points, or 2.78 percent, to 7,200.87.
Apple stock plunged 5.04 percent and closed at 193.46 U.S. dollars per share after the main supplier for its Face ID technology, Lumentum Holdings, slashed revenue and profit forecasts, citing reduced orders from a major customer. Some analysts said the iPhone maker was the unnamed major customer. Shares of Lumentum Holdings plummeted about 33 percent.
Ten of the 11 primary S&P 500 sectors closed lower, with technology and consumer discretionary down 3.54 percent and 2.31 percent, respectively, leading the laggards.
Stocks of many major U.S. tech giants suffered steep losses. Shares of Align Technology and NVIDIA slid 7.91 percent and 7.84 percent, among the worst performers in the Nasdaq. Shares of Amazon and Alphabet decreased 4.41 percent and 2.58 percent, respectively.
Big bank names also underperformed. Goldman Sachs dropped 7.46 percent and JPMorgan Chase declined more than 2 percent.
"The U.S. dollar is too strong, as we can see how that affects the U.S. Companies to sell abroad. And Banks are being sold because there is good profit from the rally after the elections also," John Monaco, trader at Wellington Shields & Co. LLC told Xinhua.
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