Stocks retreated amid concern over how a Chinese ban on Apple Inc.’s iPhone could impact big tech, the industry that has driven this year’s market rally. Treasuries rose alongside the dollar.
The Nasdaq 100 underperformed as Apple slid about 6.5% in two days, wiping out $190 billion in value. The company’s suppliers such as Qualcomm Inc. and several megacaps like Nvidia Corp. got hit. Apple breached the key 100-day moving average, which is seen as a bearish signal by some chartists. Amid the risk-off push, the Russell 2000 of small caps also closed below the same technical threshold. An advance in defensive groups sent the S&P 500 away from session lows, while Dow Jones Industrial Average of blue chips gained.