By Donato Paolo Mancini and Akane Otani

U.S. stocks tumbled Monday, pulling the Dow Jones Industrial Average down more than 300 points, as anxiety over the health of technology behemoths rippled across the market.

The Dow Jones Industrial Average fell 343 points, or 1.3%, to 25649 after posting its biggest one-week gain since March. The S&P 500 lost 1.3% and the Nasdaq Composite dropped 2.4%.

Major indexes have struggled to break out to new highs since fears about slowing global growth, combined with a rise in Treasury yields, sent stocks around the world on the retreat in October. Extended weakness in the technology sector has added to investors' list of worries.

Shares of companies that had run up double-digit percentages earlier in the year were among the biggest losers Monday, with Amazon.com, Netflix and Advanced Micro Devices each losing around 2% apiece. Apple fell 4.4% after one of its suppliers, Lumentum, cut its earnings and revenue outlook -- triggering fresh worries about demand for the company's iPhone line.

Apple posted its fourth consecutive quarter of record revenue and profit at the start of the month, only to slide under its $1 trillion market capitalization as investors questioned whether the company would be able to keep driving robust sales growth for gadgets ranging from the iPhone to the MacBook.

"People tend to ask what's Amazon doing today? What's Apple doing today?" said Robert Pavlik, senior portfolio manager and chief investment strategist at SlateStone Wealth. And when those technology giants, among others, falter, investors tend to become increasingly nervous about how far the broader market can rise, Mr. Pavlik added.

As stocks slumped, investors flocked to shares of dividend-paying sectors that tend to perform well during periods of heightened volatility. The utility and real-estate sectors rose 0.7% and 0.8% apiece, the only two groups in the S&P 500 to post gains so far in the day.

Those drops overshadowed a rebound in oil prices, which briefly brought the energy sector higher after Saudi Arabia said it would slash exports and the Organization of the Petroleum Exporting Countries considered a collective production cut.

U.S. crude oil jumped 1.2% Monday, reversing course after erasing its 2018 gains and entering a bear market last week. Now, signs of a coming oil glut and falling crude prices have pushed suppliers nearer to a pact to reduce output.

"The size of any production cuts will likely depend on how much oil demand growth will slow down into 2019, how much Iranian supply falls due to U.S. sanctions and how strongly U.S. supply increases over the coming months," said Giovanni Staunovo, a commodities analyst at UBS Wealth Management, noting that OPEC only makes decisions at certain meetings, the next of which is scheduled for the beginning of December.

Elsewhere, the Stoxx Europe 600 fell 0.8%, hurt by drops in its autos, technology and travel and leisure sectors.

The euro and pound both fell against the U.S. dollar, dragged by heightened uncertainty in Brexit negotiations. Party infighting among U.K. Prime Minister Theresa May's Conservatives and unsolved questions on Northern Ireland were among the factors weighing down sterling on Monday, analysts said.

In Asia, Japan's Nikkei Stock Average closed 0.1% higher, while Hong Kong's Hang Seng gained 0.1%.

Fears about slowing growth in China and trade tensions weighing on consumption were assuaged by Alibaba Group Holding's Singles Day on Sunday, when Chinese consumers bought $30.8 billion worth of goods in 24 hours, surpassing last year's $25.3 billion.

"Sales were up compared with last year, indicating that Chinese consumers are strong and fears about a Chinese slowdown might be overdone," said Carsten Brzeski, chief economist at ING in Germany. "[It] should be positive for Europe, at least at the [market] opening."

Write to Akane Otani at akane.otani@wsj.com

(END) Dow Jones Newswires

November 12, 2018 11:38 ET (16:38 GMT)

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