Dow drops 300 points after poor outlooks from Caterpillar, Nvidia
Monday, 28 January 2019 23:42 WIB | MARKET UPDATE |DOW JONES Standard & Poor's 500saham A.S

Stocks fell sharply on Monday as investors fretted over weak earnings from Caterpillar and a big cut in revenue guidance from chipmaker Nvidia.

The Dow Jones Industrial Average fell 302 points as Caterpillar lagged. The S&P 500 dropped 1 percent, led lower by the tech and communications services sectors. The Nasdaq Composite declined 1.3 percent.

Caterpillar shares fell 8.3 percent after the industrial giant posted weaker-than-expected earnings for the fourth quarter. The company said its sales in the Asia/Pacific region declined because of lower demand in China. Caterpillar is considered a bellwether for global trade given the company's exposure to overseas markets. The company also issued disappointing guidance.

Nvidia, meanwhile, dropped 13.7 percent after slashing its fourth-quarter revenue guidance to $2.2 billion from $2.7 billion. The chipmaker said "deteriorating macroeconomic conditions, particularly in China," impacted demand for its graphics processing units.

VOA news

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