US stocks dropped after Apple disclosed its plans to slow hiring. Bloomberg reports that the S&P 500 extended losses in late trading after giving up a gain that had surpassed 1%.
Tech and health-care shares led the decline, with Apple sliding more than 2%.Morgan Stanley’s Michael J. Wilson contends the odds of a US recession in the next 12 months are at 36%. “We don’t believe this bear market is over, even if we avoid a recession,” he wrote in a note on Monday.
