Stocks fell on Monday as losses in Apple shares pressured the broader tech sector. Investors also braced for key testimony from the top Federal Reserve official later this week.
The Dow Jones Industrial Average traded 133 points lower while the S&P 500 pulled back 0.4%. The Nasdaq Composite lagged, sliding more than 0.6%.
Apple shares fell more than 1% after an analyst at Rosenblatt Securities downgraded them to sell from neutral. The analyst said the stock will ''face fundamental deterioration over the next 6 to 12 months ''as Apple's iPhone sales disappoint and growth in other products slows down.
Other tech shares like NetApp and Juniper Networks also fell. Micron Technology, Applied Materials and Lam Research traded lower as well.
Wall Street also looked ahead to testimony from Fed Chair Jerome Powell on Wednesday. Powell's testimony comes after a stronger-than-expected jobs report raised questions about whether the Fed will cut rates later this month.