US stocks slipped on Friday, as Apple led a decline in technology stocks amid fears about weak iPhone demand and investors worried about the impact of a rise in US bond yields on equities.
The S&P technology index was the biggest drag on the S&P 500 as it was on track for three straight days of declines with a 1.5 per cent drop.
The consumer staples sector was the next biggest drag with a 1.7 per cent fall, led by PepsiCo, which was down 2.9 per cent, reports Reuters.
Investors were also jittery as the 10-year Treasury yield reached its highest level since March 21 as a bond selloff continued for a second day, driving the yield curve steeper after two weeks of flattening.
At 2:38 pm ET, the Dow Jones Industrial Average fell 223.45 points, or 0.91 per cent, to 24,441.44, the S&P 500 lost 24.11 points, or 0.90 per cent, to 2,669.02.
The Nasdaq Composite dropped 91.84 points, or 1.27 per cent, to 7,146.22.
Despite Friday’s decline the S&P was on track for its second weekly increase in a row.
Apple was down 4.0 per cent, a day after Taiwan Semiconductor raised fears of softer smartphone sales.
Alphabet, Facebook, Intel and Microsoft are among the major technology companies reporting next week.
However, General Electric jumped 4.4 per cent after it posted quarterly results that topped estimates and affirmed its 2018 forecasts.
Oil prices were down after US President Donald Trump criticised OPEC and said oil prices were artificially high. The S&P energy index fell 0.6 per cent.
Declining issues outnumbered advancing ones on the NYSE by a 2.40-to-1 ratio; on Nasdaq, a 1.70-to-1 ratio favoured decliners.
The S&P 500 posted 12 new 52-week highs and 20 new lows; the Nasdaq Composite recorded 49 new highs and 42 new lows.