* Apple set to open at 6-week low of $145.35
* Big tech stocks also in the red
* Energy stocks, banks lead S&P gainers
* Indexes down: Dow 0.14 pct, S&P 0.19 pct, Nasdaq 0.74 pct
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
June 12 The Nasdaq Composite index took a
beating for the second trading day as a bout of profit-taking
took a toll on the richly-valued technology stocks.
Strong quarterly earnings have helped technology stocks fill
a void left by financial and industrial stocks after a
post-election rally faded. The S&P 500 technology index
has risen 18.5 percent this year and is on track to
register its best yearly performance since 2014.
"The real heavy lifting, or 40 percent of the move, that we
saw was really on the back of a handful of technology stocks,"
said Art Hogan, chief market strategist at Wunderlich Equity
"So when you have a trade that is so crowded that unwind
becomes as dramatic as the one we saw on Friday."
Investors saw an opportunity to book profits on Friday after
Apple shares plunged amid reports that the company is
using slower modems in upcoming iPhones, compared with those
used in rival phones.
Shares of the world's most valuable publicly-listed company
were off 2.5 percent at $144.93 on Monday.
Mizuho Securities also cut its rating on Apple's stock to
"neutral" from "buy" on Monday, citing it has outperformed this
year and enthusiasm over the "upcoming product cycle is fully
captured at current levels".
The S&P technology sector was down 1.4 percent as other
closely watched stocks, including those of Microsoft,
Facebook, Netflix and Alphabet, also
took a hit.
At 11:01 a.m. ET (1501 GMT), the Dow Jones Industrial
Average was down 30.6 points, or 0.14 percent, at
21,241.37, the S&P 500 was down 4.71 points, or 0.19
percent, at 2,427.06 and the Nasdaq Composite was down
46.16 points, or 0.74 percent, at 6,161.76.
Gains in the energy sector and financials
helped contain the decline on the broader S&P 500 index.
"Money is finding home in unloved sectors like financials
and energy," Hogan said.
Shares of General Electric rose 3.5 percent to $28.94
after the company said Jeff Immelt would retire as chief
executive and would be replaced by John Flannery, the head of GE
healthcare, ending a years-long succession plan. GE was the top
stock on the S&P 500.
Coherus BioSciences tumbled 26.63 percent to $15.25
after the FDA denied the approval of its biosimilar for Amgen's
Neulasta. Amgen was up 1.5 at $166.61.
Advancing issues outnumbered decliners on the NYSE by 1,582
to 1,187. On the Nasdaq, 1,398 issues rose and 1,294 fell.
The S&P 500 index showed 28 new 52-week highs and 11 new
lows, while the Nasdaq recorded 82 new highs and 70 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by