A disastrous stretch for Apple spread misery through the market and sent the S&P 500-stock index to its worst weekly drop since the start of February.
Fatigue was felt in what had been a steady march higher for benchmark indexes as the seven-year bull market in stocks passed into history as the second-longest ever. Apple plunged 11 percent on the week, extending a slump for computer and software makers to seven days, and U.S. equities capped the weakest April since 2012.
“Apple’s pullback is something that’s going to have longer-term implications. We’ve been trading the market on growth for the past couple of years and to see that kind of shift is to say that even the highest flyers can stumble,” said Brad McMillan, chief investment officer of Commonwealth Financial Network, which oversees $100 billion.
The S&P 500 fell 1.3 percent during the week to close at 2,065.30, with Apple contributing one-quarter of the decline.
Even Amazon.com’s 6.3 percent weekly surge — its best in nine months — and Facebook’s 6.4 percent rally couldn’t lift the broader gauge. Defensive groups led gains: utilities, phone companies and consumer-staples stocks climbed at least 0.7 percent.
The U.S. Treasury will sell $28 billion in three-month bills and $24 billion in six-month bills Monday. They yielded 0.24 percent and 0.4 percent in when-issued trading. It will sell four-week bills Tuesday.