Tech stocks hit to the core on Apple results - New York Report

WALL STREET declined for a second straight session yesterday as the tech sector fell on disap­point­ing results from giants including Apple.

The Dow Jones industrial average fell 68.25 points, or 0.38 per cent, to 17,851.04, and the S&P 500 lost 5.06 points, or 0.24 per cent, to 2,114.15.

The Nasdaq Composite dropped 36.35 points, or 0.7 per cent, to 5,171.77.

Apple shares slumped 4.3 per cent to $125.14, a day after its revenue forecast for the fourth quar­ter fell below expectations, the biggest percentage drop since January 2014.

Microsoft fell 3.7 per cent, its biggest percentage drop since January, to $45.54 after reporting its biggest-ever quarterly loss, as the company wrote down its Nokia phone business and demand fell for its Windows operating system.

Yahoo shed 1.2 per cent at $39.24 after it forecast lower-than-expected revenue for the current quarter as it struggles to revive its core online advertising business.

Shares in housing companies were a bright spot, however, with the PHLX housing sector index up 1.7 per cent after data showed home resales rose to their highest level in nearly nine years in June. Lennar gained 2.3 per cent to $53.19.

After the closing bell, SanDisk shares jumped 6.5 per cent to $57.72 after the data storage products maker posted quarterly results.