U.S. stocks close lower as Apple slumps

Slumping tech companies weigh on US stocks

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USA stocks ended lower on Friday as investors digested a string of quarterly earnings reports amid rising Treasury yield.

The Dow Jones Industrial Average fell 7.50 points, or 0.03 percent, at the open to 24,657.39. The S&P 500 index was down 1.1% at 2,663, with tech and the consumer-staples sectors both off almost 2%, leading losses in the broad-market index.

Schlumberger dropped 1.5 percent after the oilfield services provider's profit just scraped past estimates.

The Dow is up 28.85 points, or 0.1 percent.

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Apple (AAPL.O) fell 4.1 percent, making it the biggest drag on the major indexes after Morgan Stanley estimated weak demand for its latest iPhones, a day after Taiwan Semiconductor (2330.TW) raised fears of softer smartphone sales.

Following the release of the encouraging quarterly earnings, the company's shares jumped 3.93 percent to 14.54 US dollars apiece on Friday.

Strong company earnings helped lift the market, giving the S&P 500 its third gain in as many days.

The Nasdaq is up 188.59 points, or 2.7 percent. Of the 87 companies that have reported so far, 79.3 percent have topped profit expectations, according to Thomson Reuters I/B/E/S.

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Shares of Atlassian Corporation tumbled 6.53 percent to 58.21 dollars apiece after the software maker with headquarters in Sydney and San Francisco posted disappointing quarterly results.

Declining issues outnumbered advancers by a 2.87-to-1 ratio on the NYSE and by a 2.10-to-1 ratio on the Nasdaq.

Despite Friday's decline the S&P eked out a gain of 0.5 percent for the week to show its second weekly gain in a row.

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