Tech Sector Drags on Markets - TheStreet

Tech Sector Drags on Markets

Weak performances from eBay and Apple dragged on the entire tech sector.
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The major indices were off-kilter Thursday, falling during the morning session after all-three set record highs the day before and the Dow closed above 23,000 for the first time.
The Dow and S&P 500 were both down 0.2% while the Nasdaq fell 0.57%.

The tech sector was the weakest link, sending the tech-heavy Nasdaq tumbling. Weak performances from Apple and eBay spread to the rest of the sector.

Apple (AAPL) - Get Report fell 2.5% on reports that orders for the company's iPhone 8 may be worse than expected. Taiwan's Economic Daily newspaper reported that several suppliers had been told by Apple that it will cut orders for the phone's components by as much as 50% in the final three months of the year. Reports of software glitches and weak iPhone X demand have weighed on Apple's shares recently.

Meanwhile, eBAY (EBAY) - Get Report was down nearly 2% after the online marketplace reported fourth-quarter earnings expectations ranging between 57 cents and 59 cents per share. Wall Street has a consensus estimate of 60 cents per share for the period.

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