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Closing Bell: Apple Bombs Tech; Morgan Stanley Begins Job Cuts

Stocks made a surprising turn into the red Wednesday afternoon as the tech sector got slammed.
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Stocks made a surprising turn into the red Wednesday afternoon as the tech sector got slammed. Apple (AAPL) led losses on reports it has delayed plans to launch its own streaming service to compete with Netflix (NFLX) and Amazon (AMZN). High-momentum tech stocks joined in on the selloff. Alphabet (GOOGL) and Microsoft (MSFT) were Among the worst performers. Morgan Stanley (MS) reportedly began job cuts on Wednesday with staff let go in its short-term credit and regional brokerage divisions. The bank has committed to downsizing as it faces steep declines in bond trading revenue. Citigroup (C) will take a $300 million repositioning charge in its fourth quarter. The bank is set to announce its quarterly results mid-January.

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