Stocks dropped on Friday as a decline in Apple pushed the technology sector lower. A rise in interest rates also kept a lid on equities, CNBC reported.
The Dow Jones industrial average fell 201.95 points, or 0.8 percent, to 24,462.94 as Apple as the worst-performing stock in the index. The Nasdaq composite declined 1.3 percent to close at 7,146.13.
The S&P 500 pulled back 0.8 percent to 2,670.14, with tech sliding 1.5 percent. The index also broke below its 50-day moving average, a key technical indicator.
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Apple shares fell 4.1 percent after Morgan Stanley said the company's iPhone sales for the June quarter will disappoint Wall Street.