US stocks retreated from record highs on Monday, with the Dow Jones Industrial Average and the S & P 500 recording the biggest one-day percentage decline in about five months, falling in a dip in shares of Apple.

Apple (AAPL.O) fell 2.1% after reports said Apple's iPhone X production target will be halved in the first quarter. Apple will announce results on Thursday.

"What the market is doing with Apple is going to be exactly what it is going to do, and specifically what kind of guidance the company will make regarding iPhone X sales," said Bucky Hellwig, senior vice president of BB & T Wealth Management.

The S & P index fell 0.9%, the largest drag on the index stock index, after the United States stock market recorded its strongest performance in 2016 four weeks.

The Cboe Volatility Index closed up 2.76 points or nearly 25% to 13.84, its highest gain since August 18. The index, which is used to anticipate short-term volatility in the U.S. stock market, is the most commonly watched indicator.

Indicator US 10-year Treasury yields (yield) hit its highest level in 2014, putting pressure on defense stocks such as utilities, real estate and telecommunications because of its strong economy.

The Dow Jones industrial average DJI fell 177.23 points or 0.67% to 26,439.48 and the S & P 500 lost 19.34 points or 0.67% to 2,853.53. Nasdaq index was down 39.27 points or 0.52. % To 7,466.51 points.

The Dow and the S & P 500 recorded the largest one-day percentage decline since September 5. However, the S & P 500 index is still up 6.7% since the end of 2017.

The market started with a turbulent trend this week. There are more major economic events this week, in which U.S. President Donald Trump will deliver the first State of the Union address after assuming office on Tuesday.

<>The Dow and the S & P 500 hit the biggest one-day drop in five months with falli
<>The Dow and the S & P 500 hit the biggest one-day drop in five months with falli

 

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