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S&P 500 Erases Gain as Apple Leads Technology Shares Lower

U.S. stocks erased early gains as the worst slump for Apple Inc. in four years overshadowed improving economic data and better-than-forecast earnings at companies including Netflix Inc. and Xerox Corp.

The Standard & Poor’s 500 Index was little changed at 1,394.66 at 1 p.m. in New York after rallying 0.5 percent earlier. A gain today would be the seventh straight for the benchmark index, marking the longest rally since 2006. Apple slid 11 percent, the most on a closing basis since September 2008, and was the biggest drag on the S&P 500.

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