Wall Street drops as Apple slumps

Credit: Reuters Studio
Published on July 8, 2019 - Duration: 01:09s

Wall Street drops as Apple slumps

U.S. stocks fell Monday as Apple shares dropped following a broker downgrade.

As Fred Katayama reports, investors also weighed chances of an aggressive interest rate cut by the Federal Reserve later this month.

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Wall Street drops as Apple slumps

Stocks on Wall Street retreated Monday as investors tempered their hopes for a big interest rate cut later this month.

A drop in shares of Boeing and Apple also weighed on the Dow and S&P 500.

Harness Wealth CEO David Snider doesn't see the market making major moves from here.

SOUNDBITE: HARNESS WEALTH CEO DAVID SNIDER (ENGLISH) SAYING: "I think it's hard to believe the year goes much higher than it is today but also don't see a reason immediately that they're going to have, we're going to hit that trigger that someone talked about of all of a sudden having a big decline." Apple was the biggest drag on the three main indexes.

Rosenblatt Securities downgraded the iPhone maker to "sell" from "neutral," saying the company will face tough times in the next 6 to 12 months.

Boeing shares slid.

A Saudi Arabian budget airline chose to order a fleet of jets from rival Airbus, scrapping its provisional order for Boeing's 737 MAX AFTER THE aircraft WAS grounded following two fatal crashes.

Symantec shot higher.

Shares of the cybersecurity firm adding to last week's big gains.

Jefferies said Symantec would make a "logical financial acquisition" amid reports Broadcom is in advanced talks to buy it.

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