Stocks close lower as Apple sell-off hits Dow

U.S. stocks fell Friday as Apple weighed on the Dow Jones Industrial Average and offset a strong performance by General Electric.

The Dow Jones Industrial Average fell 201.95 points, or 0.82%, to 24,462.94. The Nasdaq dropped 91.93 points, or 1.27%, to 7,146.13. The S&P 500 sank 22.99 points, or 0.85%, to 2,670.14 at the close.

The iPhone maker's shares dropped after a weak forecast Thursday from supplier Taiwan Semiconductor. Apple fell more than 4% in trading amid concerns that iPhone X sales could disappoint. Key iPhone suppliers, including Taiwan Semiconductor, Broadcom Inc. and Qualcomm were all down by multiple percentage points.

The day’s other top decliners included toymaker Mattel, which posted a loss of more than 3% after it announced that CEO Margo Georgiadis is leaving the company. Shoe company Skechers USA plummeted more than 27% after company executives released weak sales projections for the second quarter.

General Electric's stock advanced after the industrial giant posted a surprisingly strong performance during the first three months of the year, surpassing analysts’ expectations for earnings and revenue. GE shares rose nearly 4%.

While GE is a Dow component, its gain didn't do a lot to support the benchmark stock index. The reason is that the Dow is price-weighted, meaning that each of the 30-member companies are weighted in proportion to share price.

Ticker	Security	Last	Change	Change %
GE	GE AEROSPACE	180.44	-1.72	-0.94%
AAPL	APPLE INC.	239.59	+2.26	+0.95%

Energy was a weak spot in the market as oil retreated from a nearly 3 ½-year peak after President Donald Trump criticized OPEC in a tweet for keeping prices artificially high.

The yield on the 10-year Treasury note reached its highest level in more than four years, touching 2.958%.