Morning Market Overview

Stock investors trash market darlings, face Apple, Fed

SAN FRANCISCO (MarketWatch) — After the worst week for stocks in over a year, investors face a Federal Reserve meeting, an earnings deluge including Apple Inc. and Facebook Inc., plus a host of economic data.

On Friday, the Dow Jones Industrial Average DJIA -1.96% dropped 2%, or 318 points, its worst one-day percentage drop since June 20. It also fell 3.5% for the week, its worst weekly decline since Nov. 25, 2011, with the pain compressed into four sessions after Monday’s holiday. Similarly, the S&P 500 Index SPX -2.09% shed 2.6% on the week, with the Nasdaq Composite Index COMP -2.15% declining 1.7%.

Midday Market Overview

IPhone, iPad and Icahn on deck with Apple

SAN FRANCISCO (MarketWatch) — With billionaire investor Carl Icahn recently tweeting about how Apple Inc. should return more cash to its investors, and buying up $500 million more of the company’s stock, Apple on Monday will report on what historically is its best business period of the year.

USD New Home Sales 414K 457K 445K

End-of-day Market Overview