NEW YORK, Nov. 12 (Xinhua) -- U.S. stocks traded sharply lower on Monday as steep losses in Apple's stock dragged tech shares, weighing on the broad market.

At midday, the Dow Jones Industrial Average plunged 407.75 points, or 1.57 percent, to 25,581.55. The S&P 500 was down 38.05 points, or 1.37 percent, to 2,742.96. The Nasdaq Composite Index fell 165.59 points, or 2.24 percent, to 7,241.32.

Apple stock slid 4.4 percent after Lumentum Holdings, which makes technology for the iPhone's face-recognition function said one of its largest customers asked the company to "materially reduce shipments" for its products.

Amazon and Alphabet declined 3.35 percent and 1.69 percent, respectively. Shares of U.S. chipmaker NVIDIA pulled back 6.90 percent.

The technology sector was down more than 2.8 percent, leading the laggards in the 11 primary S&P 500 sectors.

Market sentiment was dented by Apple's decline as well as markets down in Europe, Larry Benedict, CEO & founder of The Opportunistic Trader, a U.S. market research firm, told Xinhua.