Apple, Philip Morris, chip stocks lead Wall Street slide; financials gain

US stocks dropped on Thursday, weighed down by a broad-based decline in technology stocks from Apple to chipmakers as well as a tumble in consumer staples such as Philip Morris and P&G.
A warning from Taiwan Semiconductor (TSMC), the world's largest contract chipmaker and an Apple supplier, on soft demand for smartphones and on the semiconductor industry's growth this year sparked a tumble in chip stocks.

Apple's shares also fell 2.3 percent, with analysts telling Reuters that TSMC's warning was related to the iPhone maker. Apple was the biggest drag on the Dow Jones Industrial Average and the Nasdaq.

TSMC's US-listed shares fell 6.3 percent. Intel declined 3.1 percent, falling the most on the Dow. All stocks on the Philadelphia SE Semiconductor index were in the red, with the index itself tumbling 3.9 percent.

The S&P consumer staples sector declined 3.2 percent as Philip Morris plunged 17.4 percent after the tobacco company's weak results and forecast.

Wall Street's Nasdaq, S&P, Dow Jones post biggest one-day gain in 2-1/2 yrs

Wall Street's three major indexes jumped to their greatest one-day gain in two-and-a-half years on Monday, led by the tech sector, as trade war fears eased on reports that the United States and China were willing to renegotiate tariffs and trade imbalances.

The Dow Jones Industrial Average <.DJI> rose 669.4 points, or 2.84 percent, to 24,202.6, the S&P 500 <.SPX> gained 70.29 points, or 2.72 percent, to 2,658.55 and the Nasdaq Composite <.IXIC> added 227.88 points, or 3.26 percent, to 7,220.54.

Wall Street slips in volatile trade after dropping 2% at session start

US stocks slipped in volatile trading on Tuesday following the biggest one-day declines for the S&P 500 and Dow in more than six years.
Major indexes swung from negative to positive and back after starting the session down 2 percent.
The sharp declines in recent days have marked a pullback long-awaited by investors after the market has minted record high after record high.
"Put your seatbelts on.

It's going to be a volatile ride for the next several trading sessions," said Chad Morganlander, portfolio manager at Washington Crossing Advisors in Florham Park, New Jersey.
"Fundamentals are moving forward in a positive way, which gives us confidence that in the long run you'll continue to see higher highs within the markets."