Wall Street Falls As Apple Drags Tech Shares Lower

Apple shares added to last week's drop on Monday to lead a market downturn as tech, still the best performing S&P 500 sector this year, succumbed under its own weight.

Mizuho Securities cut its rating on Apple to "neutral" from "buy" on Monday, saying the stock had outperformed this year and that the "upcoming product cycle is fully captured at current levels." Apple shares, down 2.4 percent on Monday, are up about 26 percent so far in 2017.

The S&P technology sector fell 0.8 percent after dropping 2.7 percent Friday for its largest two-day decline in nearly a year. The tech-heavy Nasdaq Composite underperformed the S&P 500 as the ongoing rout in the sector sparked a search for value elsewhere.

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