“Apple took a bite out of the U.S. stock market Wednesday,” Leslie Josephs reports for The Wall Street Journal. “The iPhone maker fell 6%, shaving about 43 points off the Dow Jones Industrial Average after it reported its first quarterly revenue drop since 2003.”
“The S&P 500 technology sector fell 1.2%, leading declines in the broader index and becoming the worst-performing sector so far this year with a decline of 1.6%,” Josephs reports. “The last time tech was the worst performer this year was Jan. 5.”
“The moves also pushed the tech-heavy Nasdaq Composite deeper into the red for the year,” Josephs reports. “The index is down 3.2% year to date, while the the Dow and S&P 500 are in the black by more than 2%. It is a reversal from 2015, when the Nasdaq’s performance outpaced the S&P 500 and the Dow industrials.”
“Apple’s fall put it on track for its biggest one-day percentage drop since January,” Josephs reports. “The stock move also rippled through technology exchange-traded funds, which were already having a bad month but are now trading at their lowest levels since mid-March.”
Read more in the full article here.
MacDailyNews Take: Can’t Apple just start WWDC tomorrow or something?