NEW YORK, Nov 12 (Reuters) - Wall Street’s major indexes fell on Monday, with the S&P 500 sliding 2 percent, weighed by technology and financial stocks as shares of Apple Inc and Goldman Sachs Group Inc came under pressure.
PETER JANKOVSKIS, CO-CHIEF INVESTMENT OFFICER AT OAKBROOK INVESTMENTS LLC IN LISLE, ILLINOIS:
“I would say at the moment it seems the path of least resistance is down. Obvious the techs are dragging on the market pretty heavily. We have also seen energy, perhaps joining in a little bit more as we get closer to the close because we have seen oil up earlier in the day and now it has turned negative.
“Most of the other stuff has been out there, tech has been down all day, industrials with GE have been weighing all day, that is the biggest change I can see. (Goldman Sachs) is certainly hitting the financials, although the financials as a whole are kind of in line with the market overall.
“You just have to wait and see, realistically we are getting to the point where things are a little overdone on this but it sometimes takes a while for the market to come to that same conclusion.”
RANDY FREDERICK, VICE PRESIDENT OF TRADING AND DERIVATIVES FOR CHARLES SCHWAB IN AUSTIN
“I think it’s just Apple. It’s such a big company and such a bellwether for all things tech. The tech sector has been a leader year-to-date and it’s a high beta sector, it starts to become a bigger drag on the way down.
“It seems a bit overdone to me. There is obviously some volatility in the oil markets and the dollar is up a little bit, but this kind of a selloff is pretty substantial. It seems to be fairly widespread. It’s a bit surprising.”