By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Technology stocks joined a broad market retreat Monday as investors reacted to a possible government shutdown and to developments in Italy and China.
The Nasdaq Composite Index (RIXF) shed 0.3% to close at 3,771. The Dow Jones Industrial Average (DJI) fell 128 points as the budget impasse continued in Washington.
Investors also reacted to political worries in Italy and downbeat economic data from China.
Microsoft Corp. (MSFT) shares eked out a fractional gain to close at $33.28 after falling earlier in the session. Intel Corp. (INTC), the world's biggest chip maker, was also off a fraction closing at $22.92.
A Sterne Agee note published Sunday warned that PC sales appeared to be weaker than expected in the third quarter due to a lackluster back-to-school season.
"We believe back-to-school PC demand has been virtually absent," analyst Vijay Rakesh said in a note that also argued that "higher channel inventories and lackluster demand now imply fourth-quarter PC builds are tracking flat quarter-on-quarter versus a seasonal up 5-7%."
Shares of Apple Inc. (AAPL) fell 1.2% to close at $476.75, while Facebook (FB) gave up 2% to close at $50.23. Groupon Inc. (GRPN) lost 3.7% to close at $11.21 and Yelp Inc. (YELP) fell 2.8% to close at $66.18. Apple bumped Coca-Cola to become the world's most valuable brand, according to a closely followed report by Interbrand.
The Philadelphia Semiconductor Index (SOX) was flat as Texas Instruments (TXN) gained 0.3% to close at $40.29, while Advanced Micro Devices (AMD) slipped 1.3% to close at $3.81.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 30, 2013 16:26 ET (20:26 GMT)Copyright (c) 2013 Dow Jones & Company, Inc.
|UPDATE: Facebook, Apple fall as techs join market selloff (2013/9/30)|
|TECH STOCKS: Facebook Rises, But Teradata Weighs On Techs (2013/10/15)|
|Facebook rises, but Teradata weighs on techs ()|
|UPDATE: Facebook sentiment spotlights tech-sector action ()|
|Facebook, Microsoft among tech-sector gainers (2013/12/24)|
|GameStop a big decliner as most tech stocks rise (2013/11/21)|
|UPDATE: Apple is now a value stock ()|
|Apple, AK Steel, Microsoft: hot stocks ()|
|TECH STOCKS: Twitter Slide Continues After Hot IPO ()|
|Apple edges up after $14 billion stock buyback (2014/2/7)|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Access Your Portfolio Anytime, Anywhere via Your Mobile Device|
|P||Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)|
|P||Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)|
|P||Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.