Financials News

US stocks fall as Apple drags tech sector lower

US stocks fall as Apple drags tech sector lower

New York: US stocks turned lower on Tuesday, as a decline in Apple shares dragged the tech sector lower.

At midday, the Dow Jones Industrial Average decreased 32.11 points, or 0.13 per cent, to 24,760.09. The S&P 500 lost 3.21 points, or 0.12 per cent, to 2,686.95.

The Nasdaq Composite Index was down 18.16 points, or 0.26 per cent, to 6,976.60, Xinhua news agency reported.

Shares of Apple fell almost one per cent on Tuesday, after Nomura Instinet downgraded the tech giant’s stock from buy to neutral.

Meanwhile, Wall Street also eagerly awaited a vote on tax reform. House and Senate Republicans are planning to pass a package this week, with major elements including lower corporate and top individual tax rates.

On the economic front, US privately-owned housing starts in November were at a seasonally adjusted annual rate of 1.297 million units, the Commerce Department reported Tuesday.

This is 3.3 per cent above the revised October estimate of 1.256 million and 12.9 per cent above the November 2016 rate of 1.149 million.

IANS