The Nasdaq composite was hit the hardest among the major benchmarks. The technology-heavy index was down 2.3 percent around midday. The S&P 500 fell 1.4 percent, and the Dow Jones industrial average was off 1.7.

Apple shares declined 4.4 percent after one of the iPhone maker’s suppliers, Lumentum, slashed its fiscal outlook for the current quarter and said it had received a request from one of its largest customers to reduce shipments. The company, whose shares were down 30 percent, did not specifically identify Apple in its warning. Apple is Lumentum’s largest customer, according to a regulatory filing.

Other large technology companies were also lower.

— The S&P 500’s technology sector was the worst performer, down 3.2 percent.

— Amazon stock was down more than 4 percent, and Facebook dropped as much as 3 percent. The social network was briefly offline for many users Monday afternoon, giving visitors an error message saying “sorry, something went wrong.” Alphabet, the parent company of Google, and Netflix were both down more than 2 percent.

— Shares in Goldman Sachs tumbled 6.4 percent as questions mounted over what role the investment bank may have played in the looting of a multibillion-dollar Malaysian government investment fund.

— General Electric stock fell 5.7 percent and was set for its fourth straight down day after comments by its new chief executive failed to calm investors’ concerns.

— Of the S&P 500’s 11 sectors, only utilities stocks were up on the day.

The New York Times

Stephen Grocer © 2018 The New York Times