Investor confidence in Apple Inc.’s suppliers and vendors is wavering in the stock market after the bankruptcy of GT Advanced Technologies Inc. last month wiped out 92 percent of its value in a single day.
The S&P 500 sank 1.5 percent to 1,935.09 at 4 p.m. in New York, the lowest level since Aug. 12. Today’s slide was the biggest in almost three weeks. Selling accelerated in afternoon trading as index futures contracts expiring in December slipped below 1,940, a level where two previous declines had ended earlier today.
U.S. stock-index futures declined, with the Standard & Poor’s 500 Index (CME:SPZ14) poised to drop a second day, amid further signs of slowing growth in Europe and as investors await corporate earnings reports to assess the strength of the American economy.
U.S. stocks dropped from a record, led by declines in small-cap companies, as analysts brought forward estimates for the Federal Reserve to raise interest rates. Commodities slumped as oil and metals retreated.