How major U.S. stock indexes fared Monday

Tech stocks are getting slammed, Dow drops more than 400 points

A broad sell-off in technology companies pulled US stocks sharply lower Monday, knocking more than 600 points off the Dow Jones Industrial Average. Apple shares tumbled on reports that a parts supplier to the tech giant has seen a drop in orders.

Banks and consumer-focused companies and media and communications stocks also took heavy losses Monday. Unless the economy experiences significant deterioration in the following weeks and months, there's no valid justification for the Fed to end orThe recovery in USA stocks from October's slump evaporated on Monday with the Dow Jones Industrial Average falling more than 600 points, while the Nasdaq Composite and S&P 500 declined 2.78% and 1.97% respectively. The Dow Jones Industrial Average slid as Exxon Mobil and Chevron dropped. The S&P 500 was down 38.05 points, or 1.37 percent, to 2,742.96. The Russell 2000 index of smaller companies gave up 15 points, or 1 per cent, to 1,534.

The S&P 500 ended Tuesday well off the day's highs as West Texas crude hit a nine-month low, falling the most since 2011, after US President Donald Trump criticised Saudi Arabia's plan to cut output. The Nasdaq had gained as much as 1.6 percent. Brent crude, used to price worldwide oils, picked up 1 percent to $70.91 per barrel in London.

Stocks attempted to bounce earlier in the session amid reports of renewed trade talks between the USA and China.

The stock market was coming off a two-week winning streak for the benchmark S&P 500.

Concern over demand for Apple's iPhone line caused the company's stock to fall 5 percent Monday. That fueled questions about the outlook for tech industries and USA economic growth. Xi and Trump are due to meet during this month's Group of 20 gathering of major economies in Argentina. Energy Minister Khalid al-Falih said on Sunday that kingdom would cut production by more than 500,000 barrels per day in December. Germany's DAX lost 1.8 percent and France's CAC 40 fell 0.9 percent.

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"While the oil price has opened on a solid footing today, the knee-jerk reaction to the meeting is likely to subside in the short term until investors take solace in visible signs of a reduction in supply and OPEC lives up to the rhetoric of further supply cuts", said Aneeka Gupta, associate director at exchange-traded fund provider WisdomTree.

Brent crude futures were up 70 cents at $70.88 a barrel, following four sessions of losses.

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The dollar strengthened to 113.86 yen from 113.80 yen on Friday.

In Asia, stocks were generally mixed with the Nikkei 225 down 459 at 21,810, while the Shanghai Composite Index added around 24 points at 2,654.

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