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U.S. stocks tumble as tech shares decline
Last Updated: 2019-01-15 11:37 | Xinhua
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U.S. stocks dropped on Monday as declines in major tech shares weighed on the market.

The Dow Jones Industrial Average fell 86.11 points, or 0.36 percent, to 23,909.84. The S&P 500 decreased 13.65 points, or 0.53 percent, to 2,582.61. The Nasdaq Composite Index slid 65.56 points, or 0.94 percent, to 6,905.92.

Among the stocks of U.S. tech giants or the so-called FAANG group, Apple, Amazon, Netflix and Google-parent Alphabet all closed more than 1 percent lower.

Ten of the 11 primary S&P 500 sectors dipped, with utilities and health care down 2.23 percent and 1.16 percent, respectively, leading the laggards. The technology sector dropped 0.92 percent, also among the worst performers.

Wall Street are anxiously waiting for the results from the U.S. corporate earnings season.

Before Monday's opening bell, Citigroup reported weaker-than-expected revenue.

J.P. Morgan Chase, Goldman Sachs and Bank of America, are expected to report earnings later this week.

Market mood was dented by concerns about poor corporate profits amid a possible slowdown of global growth, said experts.

In the week ending Jan. 11, U.S. stocks posted solid gains as progress of trade talks between China and the United States lifted market sentiment.

For the past week, the Dow advanced 2.4 percent, the S&P 500 gained 2.5 percent, and the Nasdaq added 3.5 percent.

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