Apple drags down Wall Stree

September 8th, 2016  |  Source: Reuters

Apple weighed on the three major U.S. stock indexes on Thursday morning, a day after the tech giant unveiled the new iPhone 7 that failed to impress Wall Street.

Shares of Apple (AAPL.O) fell 2.1 percent, their steepest decline since June 24 when the markets witnessed a broad selloff after the result of the Brexit vote.

The S&P 500 information technology index .SPLRCT fell 0.51 percent and was the biggest loser among the benchmark's 10 major sectors.

Investor reaction to an unexpected drop in weekly jobless claims and the European Central Bank's decision was largely muted.

U.S. stocks have been trading in a tight range in recent months, even as they hover near record levels, due to growing uncertainty over interest rates.

The S&P 500 index has not moved more than 1 percent in either direction on a daily basis since July 8.

At 9:33 a.m. ET the Dow Jones industrial average .DJI was down 54.17 points, or 0.29 percent, at 18,471.97.

The S&P 500 .SPX was down 4.85 points, or 0.22 percent, at 2,181.31.




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