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Dow plummets nearly 400 points

Wall Street
The Dow Jones Industrial Average fell 396 points Monday, led by declines in major tech companies.

Facebook led the decline, with its stock dropping almost 6 percent after a recent string of negative media coverage.

The Wall Street Journal reported Monday about the tension among the company's executives as Facebook CEO Mark Zuckerberg adopts a more “aggressive” posture in response to the negative news reports.

Apple dropped 4 percent following reports that it was cutting production on some of its newest iPhone models by as much as a third.

In a weekend interview, Apple CEO Tim Cook also raised the prospects of new tech regulations, saying they were “inevitable.”

Meanwhile, Amazon shares were down 5 percent, while Alphabet was down about 4 percent.

Technology alone was not responsible for the fall in shares.

Markets have been volatile all year, having surged as the GOP tax law came into effect in January before sinking on concerns about rising interest rates, trade tensions, geo-political problems such as Brexit, and concerns about domestic fundamentals such as falling home-builder confidence.

The Dow, which closed at 25,017 Monday, was up less than 200 points from the start of the year, and is down 1,800 from its peak in early October.

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