The Dow Jones Industrial Average dropped 97.33, or 0.76%, to 12,788.95. The S&P lost 7.27, or 0.54%, to 1343.23. The Nasdaq fell 16, or 0.55% to 2915.83.
Melissa Lee, the moderator on CNBC's "Fast Money" TV show, said Apple closed at $498, down 11.46, or 2.25% for the day.
Joe Terranova said he had been waiting for a pullback in Apple after its parabolic move higher following its earnings. He said Apple is trading more like a commodity future than a stock. He said investors should be less long in the stock.Tim Seymour said traders seem to have been taking advantage of the Apple's parabolic move up after its earnings to short the S&P into expiration. Lee said Apple is so huge that it contributed to one-half of the decline in the Nasdaq 100 and one-fifth of the drop in the S&P. For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
3 Stocks I Saw on TV
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV