Stocks Tumble as Apple Drags Tech Sector Lower

Apple shares fell 4.1 percent after Morgan Stanley said the company's iPhone sales for the June quarter will disappoint Wall Street

99711763
Spencer Platt/Getty Images, File

Stocks dropped on Friday as a decline in Apple pushed the technology sector lower. A rise in interest rates also kept a lid on equities, CNBC reported.

The Dow Jones industrial average fell 201.95 points, or 0.8 percent, to 24,462.94 as Apple as the worst-performing stock in the index. The Nasdaq composite declined 1.3 percent to close at 7,146.13.

The S&P 500 pulled back 0.8 percent to 2,670.14, with tech sliding 1.5 percent. The index also broke below its 50-day moving average, a key technical indicator.

Apple shares fell 4.1 percent after Morgan Stanley said the company's iPhone sales for the June quarter will disappoint Wall Street.

Get more at Read More

Contact Us