NEW YORK (Reuters) – The S&P 500 fell steadily on Friday and deepened its losses as the day wore on with shares of large technology, industrial and material companies taking a hit after weak Chinese data and a slide in oil prices raised concerns about global growth.
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 9, 2018. REUTERS/Andrew Kelly
Investors appeared unwilling to take on risk, sending the S&P technology index .SPLRCT down 2.2 percent as Apple Inc (AAPL.O) dropped 2.9 percent and semiconductor stocks .SOX tumbled 2.7 percent.
Crude oil looked set for its longest losing streak since 1998 as futures fell 1 percent as global supply increased and investors worried that fuel demand could slow.
“Oil is spooking the market. If oil prices are going to go lower that’s another sign that the global economy is going to slow its growth,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina. “It looks like a slow (stocks) sell off. All day long its been drifting lower.”
At 2:21 p.m. ET, the Dow Jones Industrial Average .DJI fell 301.31 points, or 1.15 percent, to 25,889.91, the S&P 500 .SPX lost 41.79 points, or 1.49 percent, to 2,765.04 and the Nasdaq Composite .IXIC dropped 178.54 points, or 2.37 percent, to 7,352.35.
The S&P energy index .SPSY dropped 0.6 percent after falling 2.2 percent in the previous day’s session when U.S. crude prices LCOc1 confirmed a bear market by falling 20 percent from their most recent high. [O/R]
Ten of the 11 major S&P sectors were lower, with the sole gain being a 0.3 percent rise in the defensive consumer staples index .SPLRCS.
Against the backdrop of a bitter trade dispute between the Washington and Beijing, Chinese data