Stocks decline as Apple drags technology sector lower

Stocks fell sharply Monday as a decline in Apple shares, a strong dollar and lingering worries about global trade offset positive news on the dealmaking front.

The Dow sank more than 400 points. The tech-heavy Nasdaq pulled back 2.3 percent, while the S&P 500 dropped 1.3 percent.

Apple shares slumped more than 4.5 percent after Lumentum Holdings, which makes technology for the iPhone’s face-recognition function, cut its outlook for fiscal second quarter 2019. Lumentum CEO Alan Lowe said one of its largest customers asked the company to “materially reduce shipments” for its products. Shares of Lumentum plunged more than 30 percent.

The decline in Apple pressured the broader technology sector. The Technology Select Sector SPDR dropped 3.4 percent. Alphabet and Amazon shares pulled back 3.3 percent and 4.5 percent, respectively.

https://www.msn.com/en-us/money/markets/stocks-decline-as-apple-drags-technology-sector-lower/ar-BBPBWtH?li=BBnbfcN

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