Tuesday saw a decline in stocks as Wall Street processed a recent uptick that brought the S&P 500 to its highest point in nine months.
The Dow Jones Industrial Average dropped 56 points, or 0.2%, while the S&P 500 decreased by 0.2%. The Nasdaq Composite fell by 0.3 percent.
A day after the tech giant unveiled its eagerly awaited virtual reality headset at its annual Worldwide Developer Conference on Monday, Apple shares fell 0.9%. Prior to the announcement, the stock reached a record high in the previous session.
The tail kind of wags the dog somewhat if you’re a $3 trillion corporation, according to Keith Buchanan, senior portfolio manager at Globalt Investments. “Apple, just given the sheer magnitude of its market cap, is going to have its way with most broader indices.”
The S&P 500 dropped 0.2% following a day in which the market declined, reaching its highest level since August. The Nasdaq Composite and the Dow both decreased.