Markets Recede From All-Time Highs on Tech Selloff

The Federal Reserve's hawkish comments also weighed on markets.

Author:: Tony Owusu
Publish date:: Sep 21, 2017 1:12 PM EDT

Apple (AAPL) - Get Report helped lead the way lower after the company acknowledged a glitch with its new Apple Watch that hindered wireless connectivity and caused digital assistant Siri to not respond to queries.

Fellow tech stocks Amazon (AMZN) - Get Report , Micron Technology (MU) - Get Report , Alibaba Group (BABA) - Get Report and Broadcom (AVGO) - Get Report were all also in the red Thursday afternoon.

In addition to leaving the federal funds rate unchanged, the Federal Open Market Committee said that it would begin unwinding its massive balance sheet in October, beginning with a reduction of up to $10 billion a month.

KB Home (KBH) - Get Report disclosed that it cut the annual bonus of CEO Jeff Mezger after his rant against comedian Kathy Griffin went viral. Mezger can be heard on tape berating Griffin after her boyfriend called the cops on Mezger, their neighbor, over a children's' party that was supposedly too loud.

Mezger's annual bonus was cut by 25% and the company said that he would be fired for any similar actions in the future.