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Wall Street dips with Apple, other tech shares

Reuters  |  NEW YORK 

By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks edged lower on Wednesday, weighed down by a decline in as it unveiled larger iPhones but made just minor changes to its offerings, and other

shares were down 1.4 percent. The company also unveiled health-oriented watches based on the design of current models.

Shares of rival fell 5.9 while shares of lost some earlier gains and were flat after the launch of Apple's latest Watch.

"You had the (Apple) announcement, and the typical reaction was there wasn't anything that wasn't already rumoured or expected from the announcement, so some of yesterday's gains are being given back today," said Michael James, at in

The S&P was down about 0.7 percent, reversing Tuesday's gains, with fears of further deregulation also hurting Apple as well as

Six major Web and companies, including Apple, are to detail their consumer data privacy practices to a U.S. Senate panel on Sept. 26, raising the spectre of the possibility of stricter regulation.

The Dow was essentially flat as a report of fresh U.S.-trade talks helped some industrial companies.

At 2:48PM ET, the <.DJI> fell 6.24 points, or 0.02 percent, to 25,964.82, the <.SPX> lost 1.84 points, or 0.06 percent, to 2,886.05 and the Composite <.IXIC> dropped 37.27 points, or 0.47 percent, to 7,935.21.

"Some of the industrial names, being the most notable, are what's leading the outperformance of the Dow," James said. shares were up 2.1 percent.

reported that has proposed a new round of trade talks with before the implements additional tariffs on Chinese imports.

Among the six companies to testify later this month, shares were down 4 percent, while was down 1.9 percent and was down down 0.4 percent.

, not among the companies to testify, was down 2.4 percent.

The <.SOX> was down 1.7 percent after became the latest brokerage to warn of lower prices for due to an oversupply of DRAM and

slid 5.2 percent, while was down 2.3 percent.

Advancing issues outnumbered declining ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favoured decliners.

The posted 29 new 52-week highs and 6 new lows; the Composite recorded 67 new highs and 82 new lows.

(Additional reporting by in Bengaluru; Editing by and Cynthia Osterman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 13 2018. 00:33 IST