Tech Rebound Hits a Speed Bump as Apple Shares Drop on Earnings
- Company joins other tech giants in disappoing investors
- It’s weapon to tech bears who question rally amid slow growth
The Apple Inc. logo is displayed on a monitor outside the Nasdaq MarketSite in New York.
Photographer: Peter Foley/BloombergThis article is for subscribers only.
The Nasdaq 100’s biggest rally in almost three years ran into trouble late Thursday as Apple Inc.’s holiday forecast disappointed investors, dragging down tech stocks
Shares of the iPhone maker were down as much as 7.7 percent in extended trading, a decline that if sustained Friday would mark the worst earnings reaction in more than four years. The Invesco QQQ Trust, the biggest ETF tracking the Nasdaq 100 index, dropped 1 percent, poised to halt a three-day, 5.3 percent gain that was the biggest since early 2016.