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Apple, other tech names hit as US stocks fall

US stocks sat out an equity rally that lifted shares in Europe and Asia Friday, with the Nasdaq falling especially hard due to weakness in Apple and other tech names.



US stocks sat out an equity rally that lifted shares in Europe and Asia Friday, with the Nasdaq falling especially hard due to weakness in Apple and other tech names.

Apple tumbled 2.3 percent on news that it faced a battle to keep selling iPhones in Beijing following an administrative order that concluded the tech giant violated design patents of Chinese maker Shenzhen Baili. Apple said it is still selling the phones in China, pending an appeal of the ruling.

But other tech names were also weak, with Amazon, Facebook and Google parent Alphabet all losing at least 1.0 percent.

Shares of tech and growth stocks are being penalized by investors who prefer dividends as yields on US treasuries languish, said Jack Ablin, chief investment officer at BMO Private Bank.

At the closing bell, the Dow Jones Industrial Averager was down 0.3 percent at 17,674.27.

The broad-based S&P 500 shed 0.3 percent at 2,071.20, while the Nasdaq dropped 0.9 percent to 4,800.34.

From Zee News

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