Closing Bell: Apple's iPhone Slowdown to Continue; U.S. Stocks Slump

A June rate hike is still on the table, the Atlanta and San Francisco Federal Reserve Presidents said at an event on Tuesday. The possibility of another interest rate so soon after initial liftoff in December spooked markets, pushing benchmark indexes one percent lower. Apple (AAPL) - Get Report was under pressure after Canaccord analysts warned that iPhone sales will likely remain soft through the full fiscal year. The firm expects iPhone's U.S. market share to fall below 50 percent during the June quarter. Hertz Global (HTZ) - Get Report advanced after key executives including its CEO and chief financial officer purchased shares. The car rental company enjoyed its best one-day gain since mid-2009. TheStreet's Keris Lahiff reports from Wall Street.