The stock exchanges in New York were again firmly in the red on Tuesday, which continued the clear exchange losses of a day earlier. The concerns surrounding tech giant Apple continued to hold the market in its grip. Furthermore, the oil sector on Wall Street came under considerable pressure due to sharply lower oil prices.
The Dow Jones index recorded a 2 percent decline to 24,515 points through the trading day. The broad-based S & P 500 dropped 1.7 percent to 2645 points and the Nashaq composite index dropped 1.6 percent to 6918 points.
Apple lost more than 4 percent, just like on Monday. The Apple share has been under heavy pressure for some time due to concerns about a disappointing demand for iPhones. Compared to the peak earlier this year, Apple already lost more than a fifth of its stock market value. Chip company Nvidia knew what to recover from the very heavy losses in the previous trading days and surged 2.8 percent.
Oil prices fell sharply on Tuesday, with prices reaching the lowest level this year. A barrel of American oil dropped 7.5 percent to 52.93 dollars and Brent oil became 7.2 percent cheaper at $62.01 a barrel.
The large American oil and gas companies ExxonMobil, Chevron and ConocoPhillips lost up to 4 percent of market value. Oil service providers such as Schlumberger, Halliburton and Transocean had to surrender almost 8 percent.
Investors also received some operational results, including from retail chain Target (minus 11.3 percent), department store Kohl’s (minus 9.4 percent), food producer Campbell Soup (plus 5.2 percent), electronics retailer Best Buy (plus 1.5 percent) and do-it-yourself chain Lowe’s (minus 5 percent).
Also for L Brands, the company behind Victoria’s Secret, attention was paid to quarterly figures. In particular, the profits of the company were lower than what experts had anticipated. The L Brands share was subsequently lowered by more than 14 percent.
The euro was worth $ 1.1364, against $1.1390 at the end of the stock market trading in Europe.