Nov 19, 2018

Wall Street sees red as tech shares plunge

Shares in some of the world's largest technology stocks plunged on Monday, dragging the Nasdaq down almost 3% to drive a wider market sell-off. Investors dumped stock on fears of a slowdown in iPhone sales as well as continuing tensions over trade between the US and China. Apple's stock dropped 3.8%. Facebook, which is grappling with continued controversy over its handling of user data and the crisis over Russian election interference, saw its shares fall more than 5%. Apple shares are now down about 20% from their peak in October, while Facebook shares are hovering at their lowest levels in more than 18 months. The two companies are part of a cohort of popular technology stocks, which also includes Netflix, Amazon, and Google's parent company, Alphabet, that have helped propel US markets to new records over the last two years. Tech companies, including Facebook, face rising calls for regulation and tax changes that could hurt growth.

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