Stock solidly lower, see no upside

The stock market in the U.S started the day with triple-digit losses and continue further downside. Apple (NASDAQ: AAPL) is the company which leading major indices down. The share prices down 4.46% at the current time while DJIA down 427.59 points (-1.65%), Nasdaq composite down 164.36 points (-2.22%), S&P 500 down 38.37 points (-1.38%).

The drop in Apple share prices caused by its iPhone parts supplier, Lumentum lower guidance which incites concern on the phone demand. Lack of economic data release today as the U.S commemorating Veteran days put the market under low volatility session which helped the bear to control the market.

Aside from the news, on Wednesday, Fed President Jerome Powell will give a speech to the market.

Saudi to cut oil exports

Over the weekend, Saudi Arabia reported the plan to cut its export in response to future oversupply problem but denied a collective production cut. On the other side, Russia sent a mixed signal toward the joined production cut. Oil prices jumped at the start of Monday session but losing ground nearing the end of the day.

A sudden drop in oil prices alarmed OPEC members following the warning on higher production. If there is a fallout between the members then we might see oil prices plummet further lower.

Other markets

Gold down $5.70 (-0.47%) to $1,202.90, Crude oil down $0.12 (-0.20%) to $60.07. U.S dollar index up 0.54 (+0.56%) to 97.54

Asian stock market slightly higher. Nikkei up 19.63 points (+0.09%) to 22,269.88, Shanghai Composite up 31.65 points (+1.22%) to 2,630.52, Australia ASX up 19.50 points (+0.33) to 5,941.30.

European stock market threading lower. DAX Germany down 1.77%, FTSE UK down 0.74%, and Euro STOXX 600 down 1.01%.