The Dow Jones Industrial Average slid 602 points or 2.3 percent in a volatile and light trading session due to the Veterans Day holiday. The Nasdaq Composite fell over 206 points or nearly 3 percent, while the S&P 500 lost 54.79 points or nearly 2 percent. Ten of the sectors in the S&P 500 fell led by technology and consumer discretionary, utilities viewed as defensive lost the least.
Dow members Apple and Goldman Sachs paced the declines. Apple supplier Lumentum, which provides iPhone parts, cut is second-quarter forecast which pressured the stock in early trading. Apple shares fell below the $200 per share level. Goldman is on pace for the largest percent drop since June of 2016 over concerns about the firm’s involvement in a Malaysian investment fund gone bad and Facebook shares slid after an outage hit the social media giant for about 30 minutes.
General Electric continued its slide as well, falling nearly 7 percent closing below the $8 per share level, as investor concerns grow that the battered industrial icon may not be able to right the ship anytime soon due to mounting debt and its weak power business. In an interview with CNBC, new CEO Larry Culp, said there is an “urgency” to sell assets in order to shore up capital. GE has been struggling with a turnaround.