American giant gadget manufacturer, Apple, on Monday, November 14, slumped by 2.8 percent, offsetting financial sector’s rise and bringing Wall Street to a negative close.
Apple weighed the most on the Nasdaq and the S&P 500, followed by Amazon.com, Microsoft and Facebook. Wall Street down as tech drag offsets financial sector’s rise
The tech-heavy Nasdaq Composite has remained under pressure since the Nov. 8 election as investors poured more money into sectors such as financials, industrials and energy, which are seen benefiting from President-elect Donald Trump’s policies.
The S&P technology index pared some losses as the afternoon wore on but was still down 1.7 percent, leading decliners. The index has fallen 3 percent since the election.
The Dow Jones industrial average was down 9.69 points, or 0.05 percent, to 18,837.97, the S&P 500 lost 3.11 points, or 0.14 percent, to 2,161.34 and the Nasdaq Composite dropped 23.69 points, or 0.45 percent, to 5,213.42.
The Dow, which capped off its best week in five years on Friday, hit a another record high just after the start of trading but soon lost those gains.
