In addition to Apple, the technology sector as a whole is trying to regain its footing after the decade-long bull run in U.S. equities, particularly for the FANG (Facebook, Amazon, Netflix, Google-Alphabet) stocks. However, Peter Boockvar, chief investment officer at Bleakley Advisory Group, posited that “the FANG trade is dead and the market is struggling to find a replacement.”

The decline in the markets come as last week saw the major indexes spurred on via a midterm election rally, which resulted in the Democrats regaining majority in the House of Representatives, while the Republicans maintained control of the Senate. The general consensus among analysts is that a divided Congress will create political gridlock, which typically benefits the capital markets in addition to dampening President Trump’s tariff-for-tariff battle with China.

The Federal Reserve ended a two-day policy meeting last Thursday with the announcement that interest rates would remain unchanged as expected by the capital markets. However, the CME Group’s Fed Watch Tool shows a 75.8% chance that a fourth and final rate hike will cap off 2018.

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