US stocks slip further as Apple pushes tech stocks down

NEW YORK (AP) — U.S. stocks continue to slide this morning.

Technology companies are taking some of the biggest losses as investors weren't impressed with Apple's latest results. Energy companies are falling with the price of oil.

The Dow Jones industrial average skidded 71 points, or 0.4 percent, to 18,097 as of 10:05 a.m. Eastern time. The Standard & Poor's 500 index lost 9 points, or 0.4 percent, to 2,134. The Nasdaq composite gave up 30 points, or 0.6 percent, to 5,253.

Apple sank $4.51, or 3.8 percent, to $113.73. The company's iPhone sales fell 5 percent from a year ago. Apple gets about two-thirds of its revenue from iPhone sales, and some investors are concerned it depends too much on its marquee product. Apple said it expects sales to start growing again in the holiday season after a recent slump. Investors had thought the same: Apple stock has climbed over the last few months to reach new highs for the year.

Crude prices were down after the American Petroleum Institute reported a much larger than expected buildup in U.S. inventories. Benchmark U.S. oil fell 95 cents, or 1.9 percent, to $49.01 a barrel in New York.

Brent crude, the international standard, dropped $1.09, or 2.1 percent, to $49.70 a barrel in London. Among energy stocks, Devon Energy shed 90 cents, or 2.2 percent, to $39.77 and Halliburton lost 84 cents, or 1.7 percent, to $46.94.