|Technology stocks dropped for a second straight trading day on Monday, with Apple shares falling by 2.4 percent and dragging down the rest of the sector. Apple’s dive came after Mizuho Securities cut the stock’s rating to “neutral” from “buy,” saying Apple had become overpriced with a 26 percent rise so far this year. The S&P technology sector lost another 0.8 percent after falling by 2.7 percent on Friday, combining for the sector’s biggest two-day drop in nearly a year. Despite the setback, Brian Jacobsen, a chief portfolio strategist at Wells Fargo Funds Management, said the market probably isn’t headed for a broader selloff.
Source: Reuters, MarketWatch