Photo: Reuters/Brendan McDermid

US stocks saw their worst trading day of the month to start the week, with Apple leading the tech sector down, while Goldman Sachs helped propel financials lower.

All three major benchmarks ended near session lows, with the S&P 500 down 2%, the Dow Jones Industrial Average down 2.3%, and the Nasdaq down 2.78%.

Apple was hit hard by the release of the earnings forecast for one of its suppliers, Lumentum, which stated that the company “recently received a request from one of our largest Industrial and Consumer customers for laser diodes for 3D sensing to materially reduce shipments to them during our fiscal second quarter.”

The iPhone maker was down 5% by close.

Shares of Goldman Sachs plunged 7.46%, dogged by concerns of the company’s connection to the 1MDB bribery scandal in Malaysia. The Malaysian government is seeking a full refund of fees it paid to the investment bank as part of deals related to the scandal, after Goldman “admitted culpability,” according to a report from Bloomberg on Monday.

Other sectors were not spared in the broad-based selloff. General Electric was another high-profile victim on Monday, shedding nearly 7% of its share value in trading.

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now.