Experts recorded a significant reduction in Wall Street’s major indices due to the fall in stocks of Apple Inc. and Goldman Sachs Group Inc. Analysts emphasized that this had a serious impact on the technology and financial sectors.

As a result of the unexpected collapse, three leading indices paired gains observed during the rally after the elections for the US Congress. In the late session of the New York Stock Exchange, the Dow Jones Industrial Average fell by 2.32% to 25,387.18 points, the S&P 500 lost 1.97% to 2,726.22 points, and the Nasdaq Composite collapsed by 2.78% to 7,200.87 points.

Apple shares sank by 5%. This happened after a number of suppliers to the company cut their forecasts. Apple’s decline impeded the rise of Nasdaq comprising a lot of technology companies. According to experts, the index dropped by more than 2%. Shares of a number of chipmakers supplying their products to Apple, such as Cirrus Logic Inc., Qorvo Inc., and Skyworks Solutions Inc., were also down.

Goldman Sachs shares lost 7.5%. This followed the statement of Malaysian Finance Minister Lim Guan Eng about the full refund of the fees that had been paid to the bank for arranging billions of dollars of deals for the 1MDB state fund, which was under investigation on suspicion of monetary fraud.

Shares of Goldman Sachs dragged down the Dow Jones, which lost more than 2%. Among the S&P 500’s eleven leading sectors, the financial and technology sectors suffered the most significant losses. The technology sector index contracted by 3.5%, while the financial sector index plunged by 2%. Given the decline in oil prices, the energy sector suffered losses as well.

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