Market Wrap: Wall Street Ends Lower as Tech Stocks Weigh
Wall Street declined for a second straight session Wednesday as the technology sector fell on disappointing results from giants including Apple.
Apple (AAPL) shares slumped 4.3 percent to $125.14, a day after the iPhone maker's revenue forecast for the fourth quarter fell below expectations, its biggest percentage drop since January 2014.
The world's largest publicly-traded company was the biggest drag on all three major indexes and contributed nearly 37 points to the Dow's overall decline. The S&P technology sector fell 1.6 percent as the worst performing of the 10 major S&P sectors.
We are getting a little bit of indigestion in the market over the past two sessions from tech earnings.
Microsoft (MSFT) fell 3.7 percent, its biggest percentage drop since January, to $45.54 after reporting its biggest-ever quarterly loss, as the company wrote down its Nokia phone business and demand fell for its Windows operating system.
"We are getting a little bit of indigestion in the market over the past two sessions from tech earnings," said David Schiegoleit, managing director of investments at the Private Client Reserve of U.S. Bank in Los Angeles.
