Nov 19, 2018

4. Technology companies drag stocks lower

Photo: Drew Angerer/Getty

The Nasdaq closed down more than 3% on Monday, amid a broader market sell-off.

The Dow lost 395 points, or 1.56%, while the S&P 500 dropped 1.66%.

What's happening: It's a culmination of bad news for technology stocks. Apple dropped 4% following a report the company cut production orders for iPhones, while Facebook shares closed 5.7% lower after a Wall Street Journal story about company turmoil. Other big losers were Amazon (off 5%) and several chipmakers.

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Global: Total confirmed cases as of 10 a.m. ET: 877,422 — Total deaths: 43,537 — Total recoveries: 185,241.
U.S.: Leads the world in confirmed cases. Total confirmed cases as of 10 a.m. ET: 189,633 — Total deaths: 4,081 — Total recoveries: 7,136.
Axios-Ipsos Coronavirus Index: It's "a tale of two Americas" as the rich are more likely to work from home and the poor are more likely to report to work.
Federal government latest: President Trump said the next two weeks would be "very painful," with projections indicating the virus could kill 100,000–240,000 Americans.
State updates: Washington and California appear to have slowed their surges of new cases.
2020 updates: Joe Biden said it's "hard to envision" the Democratic National Convention going ahead as planned in July.
What should I do? Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

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