Dow falls on Apple worries

Marco Green
April 21, 2018

US stocks fell on Friday, as Apple led a decline in technology stocks amid fears about weak iPhone demand and investors anxious about the impact of a rise in USA bond yields on equities.

The Dow Jones Industrial Average fell 201.95 points, or 0.82 percent, to 24,462.94. While 10 of the 11 S&P 500 sectors closed in negative territory, technology was among the biggest losers of the day, down 1.5%. The Nasdaq Composite Index ended down 1.3% to 7,146.

The Dow is up 387.93 points, or 1.6 percent.

The Treasury yield kept rising on Friday, with the 10-year Treasury note yield jumping above 2.94 percent in the morning session, which dampened investor sentiment.

"We're seeing a follow through from yesterday's action when the key was weakness in consumer staples".

The Russell 2000 is up 34.05 points, or 2.2 percent.

Philip Morris International (PM.N) also had a second day of declines after getting crushed due to weak shipment volumes in its quarterly report.

On other corporate news, Apple's shares dropped 4.10 percent to 165.72 dollars apiece Friday, notching the biggest laggard among the Dow components, after Morgan Stanley said the company's iPhone sales for the June quarter will disappoint Wall Street.

Alphabet (GOOGL.O), Facebook (FB.O), Intel (INTC.O) and Microsoft (MSFT.O) are among the major technology companies reporting next week.

Strong company earnings helped lift the market, giving the S&P 500 its third gain in as many days.

Declining issues outnumbered advancing ones on the NYSE by a 2.05-to-1 ratio; on Nasdaq, a 1.68-to-1 ratio favored decliners.

The S&P 500 posted 12 new 52-week highs and 20 new lows; the Nasdaq Composite recorded 49 new highs and 42 new lows.

Other reports by Click Lancashire

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