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(Reuters) – US stocks fell on Wednesday, the S & P 500 fell for the fifth time in a row, as Apple Inc. continued to steer the downturn in technology stocks and finance worried that sectoral regulations would be relaxed.
Growing fears that iPhone sales have hit a wall have pushed Apple's stock down for the fifth consecutive day. At their lowest level of trading, stocks fell more than 20% from the record.
"Apple really has people who are questioning the technology and the FAANG.Many investors are hopeful that Apple will go up, and that does not happen," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
The 2.7% drop in Apple led the heavyweight index down 1.25%. These losses were only surpassed by a 1.88% drop in financial values.
The banks fell after Democrat Maxine Waters, who was about to become chairman of the US House Banking Committee, said the regulation would not be relaxed further, according to a CNBC report.
"When Waters appeared, it had a profound impact on the markets and around the time the S & P turned negative," Forrest said.
The market started on a dynamic note as oil prices rebounded and data showed that consumer prices rose only in the proportions expected last month, which helped to soften prices. fears of an overheating of inflation and a faster rise in interest rates.
But that quickly evaporated, traders claiming that cautious investors were trying to sell any strength in the market.
"The general feeling of the market is extremely cautious: when the market went up, you found that the sellers were looking for better prices, but no real support came out in the first 30 to 60 minutes," said Michael James, general manager of the shares. trading at Wedbush Securities in Los Angeles.
"It became a self-fulfilling prophecy that the market would go down."
At 1:12 pm The Dow Jones Industrial Average was down 222.30 points, or 0.88%, to 25,064.19, the S & P 500 down 23.52 points, or 0.86%, to 2,698 points , 66 and the Nasdaq Composite down 66.62 points, or 0.93%, to 7,134.25.
Goldman Sachs Group Inc., JPMorgan Chase & Co and insurer Travelers Cos Inc. sold between 2.0% and 2.7% to join Apple among the Dow's key drivers.
Energy values gave up 0.3% of their previous gains, but oil prices were higher. [O/R]
PG & E Corp. collapsed 24.1% after the utility reported that it could face a "significant liability" exceeding its insurance coverage when it was Proved that his equipment had caused the raging fire in northern California.
The down numbers outnumber the developers with a ratio of 1.42 to 1 on the NYSE and a ratio of 1.72 for the Nasdaq.
The S & P recorded 12 new highs over 52 weeks and 13 new lows. Nasdaq recorded 12 new highs and 149 new lows.
(Report by Sruthi Shankar in Bengaluru, additional report by Shreyashi Sanyal)
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