By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Just one day after tech stocks
showed signs of rallying, nearly every major tech bellwether was in
the red Thursday amid a broad market slump.
Tech was one of the biggest decliners in the S&P 500, and
the spotlight there was on Apple Inc. (AAPL), whose shares fell 3%
to $98.56
Apple is dealing with a double dose of bad publicity. On
Wednesday, the tech bellwether said it had pulled an update to its
recently released iOS 8 operating system following complaints that
the update caused certain functions of the iPhone 6 and iPhone 6
Plus to not work properly.
In addition, the company was the butt of many social-media jokes
due to what is being called "bendgate", or reports of the iPhone 6
Plus bending inadvertently when kept in a person's front
pocket.
In addition to Apple, Pandora Media Inc. (P), SanDisk Corp.
(SNDK), Yelp Inc. (YELP) and EMC Corp. (EMC) were each down by at
least 3%.
Electronics contract manufacturer Jabil Circuit Inc. (JBL) was
off by 1.3%. On Wednesday, Jabil reported better-than-expected
quarterly results.
The tech-heavy Nasdaq Composite Index (RIXF) skidded, giving up
75 points, or 1.7%, to fall to 4,479. The Philadelphia
Semiconductor Index (SOX) was also bruised, falling 1.7%.
The broader market decline came as the monthly durable-goods
report showed orders for U.S. products fell more than 18% in August
after what had been a 22.5% gain during July. Much of the decline
was due to orders for airplanes, which are volatile.
(Read more about the day's market action in Market Snapshot
http://www.marketwatch.com/story/us-stocks-futures-slip-ahead-of-durable-goods-data-2014-09-25.).
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