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Stock market news: Global equities tumble on tech turmoil



Traders work on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell on August 15, 2018 in New York City. U.S. stocks fight to avoid a hard beat in global markets due to fears of economic chaos. There are some worries that Turkey should join into emerging markets denting global growth. (Photo by )
a brutal day in global stock markets, led by falling tech

Munoz Alvarez/Getty Images

  • Global stock markets are selling off on Tuesday, as the
    tech slump which gripped US equities on Monday spreads around
    the world.
  • US stocks
    plummeted on Monday, with the tech-focused Nasdaq index losing
    more than 3%.
  • Those falls have extended into Asia and Europe, where
    most major indexes are down 1% or more. China’s benchmark share
    index dropping 2%.
  • US futures markets point to a continued sell-off
    stateside once trading resumes later on.
  • You can follow
    the latest price action at Markets Insider.

Global stock
are selling off on Tuesday, as the tech slump which
gripped US equities on Monday spreads around the world.

Monday’s biggest casualty was the Nasdaq, which closed more
than 3% lower, dragged down by mega-cap technology companies, as
Wall Street worries about global growth and trade tensions amid a
quiet week for economic data.

Monday’s sell-off on Wall Street appears to have been
largely triggered by a report from the Wall Street Journal that
Apple has slashed production orders in recent weeks for all
three of its new iPhones unveiled in September.

Meanwhile, the S&P
 fell 1.8% and the Dow Jones Industrial
 shed 1.6%, or nearly 400

Wall Street’s sell-off spread into Asia overnight, with
benchmark indexes in Japan and China falling substantially.
China’s most-watched index, the Shanghai Composite, fell 2.1%,
while Japan’s Nikkei was 1.1% lower at the close.

As the morning began in Europe, stocks on the continent
also fell, and after around an hour of trading, Germany’s DAX
has dropped 1.2%, while the Euro
Stoxx 50
 index is just shy of 1% lower.

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“Monday’s sharp sell-off in US technology shares is a
reflection of investor concerns over global demand following the
recent emerging market currency crises and trade disputes,” Fawad
Razaqzada, analyst at, said in an email Tuesday

“So, as things stand, the outlook for global equity indices
appears bleak and we could easily witness further falls,” he

That suggestion looks likely to be correct, with futures
pointing to another day in the red for US stocks. As of 9.00 a.m.
GMT (4.00 a.m. ET), futures for all three US indexes are at least
0.6% lower.

Here’s the scoreboard:

  • Nasdaq futures down 1%; S&P 500 down 0.7%; Dow
    Jones Industrial Average down 0.6%
  • Shanghai Composite Index closed down 2.1%, while the
    Shenzhen Composite was 2.8% lower
  • Benchmark Euro Stoxx 50 down 1%; Germany’s DAX is 1.1%
    lower; Britain’s blue-chip FTSE 100 is down 0.6%.
  • Indexes in Spain, Italy, and France are all more than
    1% lower.
  • Both major oil benchmarks, Brent and WTI, are down more
    than 1%, with Brent trading at $66.02 per barrel, and WTI at

Lower production by Apple tends to suggest falling demand for its
products, which in turn acts as a bellwether for general
sentiment surrounding the tech sector. Shares of the
world’s biggest technology company are down more than 10% this
month as a result.

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