Apple shares and bank stocks decline as Wall Street shuts

Wall Street finished Monday's trading session lower as bank stocks undid earlier gains and Apple shares dropped on news that the company planned to restrict hiring and expenditure growth in 2019.

The S&P financial sector (.SPSY) declined into the close after opening the day with significant gains on earnings from Bank of America Corp (BAC.N) and Goldman Sachs Group Inc (GS.N).

Following a Bloomberg story that stated the company planned to reduce employment and expenditure growth in some departments next year to deal with a potential economic downturn, Apple shares reversed course to close down 2.1 percent at $147.1.

Due to strength in its fixed-income trading, Goldman Sachs saw a smaller-than-anticipated 48 percent decline in second-quarter profit.

Following comments from Fed officials last week that the policymakers could adhere to a 75 basis point raise, concerns for a greater one percentage point rate hike at the end of July decreased.

According to Ross Mayfield, an investment strategy analyst at Baird in Louisville, Kentucky, "it's exceedingly hard to sustain upward momentum." And that's really how bear markets work.

The S&P 500 (.SPX) dropped 32.31 points, or 0.84 percent, to 3,830.85 while the Nasdaq Composite (.IXIC) dropped 92.37 points, or 0.81 percent, to 11,360.05. The Dow Jones Industrial Average (.DJI) dropped 215.65 points, or 0.69 percent, to 31,072.61.

Healthcare (.SPXHC) and utilities (.SPLRCU) suffered the most percentage losses, while energy (.SPNY) had the biggest gains, as nine of the S&P 500's 11 major industries saw declines.

Big technology companies' earnings next week will be widely monitored because their shares have been subject to intense selling pressure for a significant portion of this year.

Alphabet, the parent company of Google, fell 2.5% among other tech equities. IBM's stock dropped 1.3%.

10.63 billion shares were traded on U.S. exchanges, down below the 12.15 billion average for the entire session for the previous 20 trading days.

On the NYSE, advancing issues outweighed advancing issues by a ratio of 1.20 to 1; on the Nasdaq, a ratio of 1.06 to 1 favoured decliners.

The Nasdaq Composite saw 30 new highs and 78 new lows, while the S&P 500 saw one new 52-week high and 31 new lows.