The Monday Market Minute

  • Dow falls triple digits out of the gate as markets are weighed down by new trade issues.
  • The Nasdaq experienced its third decline in four sessions. This is the first time all three major indices are in the red in three sessions. 
  • Nvidia continued its downward slide, falling another 7% in morning trading.

U.S. stocks were routed in market trading Monday as markets brace for the next round of trade tensions between the U.S. and China. 

All three major indices were trading lower for the first time in three sessions as investors run for cover. 

The Dow Jones Industrial Average fell 1.56%, or 396 points to 25,017, while the S&P 500 fell 1.66% and the Nasdaq dropped 3.03%. 

Nearly 40% of S&P stocks are now in bear market territory. Meanwhile, on the tech side, all five of the FAANG stocks -- Facebook, Apple, Amazon Inc. (AMZN) , Netflix Inc. (NFLX) , and Google (GOOGL)  -- are each in bear market territory, which is defined as being down 20% or more from a recent high. 

Apple Inc.  (AAPL) shares extended declines Monday following a report from the Wall Street Journal that suggested yet more iPhone production cuts as waning demand and an increase in available models disrupts the tech giant's global supply chain.

Apple shares were marked 3.96% lower in trading to $1865.86, a move that would extend the decline from its October 3 peak to around 18.5% and value the Cuptertino-Calf.-based group at just over $905 million.

Nissan Motor Co. (NSANY) shares dropped 5.74% after the company said chairman Carlos Ghosn misused company funds following an investigation in cooperation with Japan's Public Prosecutors Office.

The Nissan statement followed a a report from Japan's Asahi newspaper, and other media outlets, that the Renault CEO faces arrest for allegedly violating the country's financial instruments and exchange linked to his role as chairman of Nissan.

Nissan said in a statement that a months-long investigation found that Ghosn and Representative Director Greg Kelly understated their compensation in annual securities reports, while Ghosn also used company money for his personal benefit. Executives at Renault in Paris were not immediately available for comment when contacted by TheStreet.

Shares of Facebook Inc. (FB)  were down 5.72% amid reports that CEO Mark Zuckerberg told second in command and Chief Operating Officer Sheryl Sandberg that he blamed her for some of the company's recent missteps.  

Conversations between the two led Sandberg to fear for her job safety, according to sources who spoke with the Wall Street Journal. 

Shares of JD.com Inc. (JD) were down 8.4% on disappointing revenue growth after the company reported its slowest quarterly revenue growth since it debuted publicly in 2014. 

The companies execs said that slower sales in its core e-commerce business, specifically big ticket items, was responsible for the the slowing growth. Revenue grew 25% year over year, falling short of analyst estimates and down significantly from the 60% peak it hit in 2015. 

Global oil markets were also on the rise, despite further evidence of surging U.S. production, as Saudi Arabia reportedly continues to press OPEC members for deeper output cuts and the White House prepares an official report on the murder of dissident journalist Jamal Khashoggi for release on Tuesday.

Brent crude contracts for January delivery, the global benchmark, were seen 39 cents higher from their Friday close in New York and changing hands at $67.15 per barrel while WTI contracts for December, which are more tightly liked to U.S gas prices, were marked 57 higher at $57.25 per barrel but still some 25% from the Oct. 4 peak of $76.41.

Apple and Facebook are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AAPL or FB? Learn more now.

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