Stocks drag as Apple goes quiet on its iPhone sales

U.S. stocks slipped Friday as Apple had its biggest decline in nearly five years. Thanks to gains over the previous three days, the Standard & Poor’s 500 index still finished with its biggest weekly increase since March.

Apple, the world’s largest technology company, forecast weak revenue in the current quarter and startled investors by saying it will stop disclosing quarterly iPhone sales.

That pulled technology stocks down. Other highgrowth stocks held up well after the United States and China both said they had made some progress in trade talks, and Asian indexes surged on reports that China’s government plans to cut taxes.

Bond yields surged following a strong U.S. jobs report as investors bet on continued economic growth, which would push the Federal Reserve to raise interest rates more quickly.

The S&P 500 index slid 17.31 points, or 0.6%, to 2,723.06. The Dow Jones industrial average fell 109.91 points, or 0.4%, to 25,270.83. The Nasdaq composite declined 77.06 points, or 1%, to 7,356.99. The Russell 2000 index stocks rose 3 points, or 0.2%, to 1,547.98.

Stocks had surged over the previous three days, and the S&P 500 finished the week with a rise of 2.4%. In October, it had its biggest monthly loss in seven years. It would have to rise an additional 7.6% to match the all-time high it reached on Sept. 20.

Bond prices dropped, sending yields up sharply. The yield on the 10-year Treasury note jumped to 3.22% from 3.14%.

Apple’s sales in its latest quarter and its estimates for the holiday season disappointed investors, and its shares slid 6.6% to $207.48.

Chipmakers also fell. Qorvo slid 5.7% to $74, and Broadcom fell 4% to $220.77.

The governments of the United States and China said they were making some progress in trade talks. It has been months since the two sides made visible progress, and fears that the dispute was worsening contributed to global markets’ big October losses.

“In September, before earnings season started, the market was kind of complacent about tariff issues,” said David Lefkowitz, senior equity strategist Americas at UBS Global Wealth Management. “It’s something I think the market was ignoring and is now more attuned to.”

Starbucks jumped 9.7% to $64.32, its biggest gain since 2011, after it posted sales that were better than expected and said that customers spent more after it raised prices for brewed coffee. It also said that revenue from cold drinks improved, and that revenue improved in China.

Kraft Heinz sank 9.7% to $50.73, its biggest drop in three years, after its thirdquarter profit fell far short of analyst forecasts. The maker of Oscar Mayer meats, Jell-O pudding and Velveeta cheese said that costs grew and that it’s continuing to make major investments in its business.

GoPro plunged 24.2% to $5.44 after the camera maker issued a revenue forecast for the current quarter that fell short of expectations.

Oil prices continued to decline. Benchmark U.S. crude slid 0.9% to $63.14 a barrel. Brent crude slipped 0.1% to $72.83 a barrel.

Wholesale gasoline fell 0.5% to $1.71 a gallon. Heating oil fell 1.3% to $2.17 a gallon. Natural gas rose 1.5% to $3.28 per 1,000 cubic feet.

Gold fell 0.4% to $1,233.30 an ounce. Silver slipped 0.1% to $14.75 an ounce. Copper climbed 3.1% to $2.81 a pound.