U.S. stocks started Tuesday, November 20, 2018, on the back foot as investors reacted to weak holiday-quarter outlooks from major retailers and fresh concern over demand for Apple’s iPhones.
The selloff was broad at the opening bell. The Dow Jones Industrial Average fell 398.76 points, or 1.59 percent, to 24,618.68. The S&P 500 dropped 36.13 points, or 1.34 percent, to 2,654.60, while the Nasdaq Composite lost 161.05 points, or 2.29 percent, to 6,867.43.
The move added to a market already under pressure that week from worries about consumer demand and the technology sector. The Reuters report did not identify any single retailer by name in the opening market summary, but said the poor forecasts fed into the broader decline.
Reporting by Medha Singh in Bengaluru; Editing by Anil D'Silva
