Midday Report: Apple Reaches New Records; U.S. Stocks Slump in Worst Losses of 2017

Stocks extend their decline through the morning with the basic materials and financials sector the worst hit.
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Stocks extended their decline through the morning with the basic materials and financials sectors the worst hit. Indexes had started the day positive and the Nasdaq even hit a new intraday record high. Apple (AAPL) - Get Report hit its own records earlier in the session after announcing the launch of a cheaper iPad and a special 'red' edition of its iPhone 7 and iPhone 7 Plus. The special editions will be available in stores this Friday. Lennar (LEN) - Get Report fell despite reporting a better-than-expected quarter driven by healthy demand in the housing market. Net income fell from a year earlier, though exceeded estimates by a penny. Carnival (CCL) - Get Report was upgraded to OUTPERFORM from MARKET PERFORM at William Blair. Analysts said the company will likely beat earnings estimates as it enjoys favorable trends through this year and next.