U.S. stocks edged lower on Wednesday, weighed down by a decline in Apple as it unveiled larger iPhones but made just minor changes to its offerings, and other technology shares.
Shares of fitness device rival Fitbit Inc
"You had the (Apple) announcement, and the typical trader reaction was there wasn`t anything that wasn`t already rumoured or expected from the announcement, so some of yesterday`s gains are being given back today," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
The S&P technology index <.splrct> was down about 0.7 percent, reversing Tuesday`s gains, with fears of further deregulation also hurting Apple as well as social media names.
Six major Web and Internet service companies, including Apple, are to detail their consumer data privacy practices to a U.S. Senate panel on Sept. 26, raising the spectre of the possibility of stricter regulation.
The Dow was essentially flat as a report of fresh U.S.-China trade talks helped some industrial companies.
At 2:48PM ET, the Dow Jones Industrial Average <.dji> fell 6.24 points, or 0.02 percent, to 25,964.82, the S&P 500 <.spx> lost 1.84 points, or 0.06 percent, to 2,886.05 and the Nasdaq Composite <.ixic> dropped 37.27 points, or 0.47 percent, to 7,935.21.
"Some of the industrial names, Boeing being the most notable, are what`s leading the outperformance of the Dow," James said. Boeing
The Wall Street Journal reported that Washington has proposed a new round of trade talks with Beijing before the Trump administration implements additional tariffs on Chinese imports.
Among the six companies to testify later this month, Twitter
The Philadelphia Semiconductor index <.sox> was down 1.7 percent after Goldman Sachs became the latest brokerage to warn of lower prices for memory chips due to an oversupply of DRAM and NAND chips.
Advancing issues outnumbered declining ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favoured decliners.
The S&P 500 posted 29 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 67 new highs and 82 new lows.