Shares of Apple Inc. sank 4.4% in afternoon trade Friday, on track for the biggest one-day drop in nearly 14 months, with losses accelerating around midday as investors appeared to cash in on technology-sector gains ahead of the weekend. The stock was headed for the first close below the closely-watched 50-day moving average, which many chart watchers view as a dividing between short-term uptrends and downtrends, since Dec. 8, 2016. That would snap a 124-session streak that the stock closed above the 50-day MA, which would be the longest such stretch since the 132-session streak ending March 15, 2011. The stock was still 17% above its 200-day moving average, which is used as the long-term trend tracker. The stock was still up 28% year to date, while the tech-heavy Nasdaq Composite has climbed 15% and the Dow Jones Industrial Average has gained 7.3%.
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