Wall Street has declined for a second straight day on Wedneday as the tech sector fell in value including tech giant Apple.
Apple shares slumped 4.3 percent to $125.14, a day after the iPhone maker’s revenue forecast dropped below expectations. It is Apple’s biggest drop since January 2014 .
“We are getting a little bit of indigestion in the market over the past two sessions from tech earnings,” said David Schiegoleit, managing director of investments at the Private Client Reserve of U.S. Bank in Los Angeles.
“We stepped right into the beginning of this week with IBM disappointing, followed by Microsoft, Apple and a couple of others, so we are just getting a little bit of heartburn in the market from those earnings releases on the tech side.”
Microsoft has stumbled to 3.7 per cent, it’s biggest drop from January as stocks fell to $45.54. It has reported its biggest quarterly loss attributed to the failed Nokia phone venture and little demand for Windows OS.
Meanwhile, Yahoo had shed about 1.2 per cent at $39.24 after it forecast some lower-than-expected revenue for the current quarter.