Investing.com -- U.S. stocks fell mildly on Friday, as Apple Inc (NASDAQ:AAPL) weighed on all three major indices amid reports that some stores in Beijing stopped selling the iPhone 6, weeks ago, after regulators charged the tech giant with infringing on the patents of a local Chinese mobile phone company.
Earlier on Friday, the Wall Street Journal reported that Apple is ready to halt production of the iPhone 6 in the area, after intellectual property regulators in Beijing charged the company with patent infringement of 100 C mobile phones. It comes two months after Apple blamed weak first quarter sales in part on slowing iPhone sales in the world's second largest economy. In a statement released on Friday, Apple said it is appealing a lower court ruling.
"IPhone 6 and iPhone 6 Plus as well as iPhone 6s, iPhone 6s Plus and iPhone SE models are all available for sale today in China," Apple said in a statement. "We appealed an administrative order from a regional patent tribunal in Beijing last month and as a result the order has been stayed pending review by the Beijing IP Court."
The Dow Jones Industrial Average lost 59.10 or 0.33% to 17,674.00, while the NASDAQ Composite index fell 44.58 or 0.92% to 4,800.34, each paring sharp losses from earlier in the session. The S&P 500 Composite index, meanwhile, dropped 6.76 or 0.33% to 2,071.23, as six of 10 sectors closed in the red. Stocks in the Health Care and Technology industries lagged, each falling by more than 0.85%. Stocks in the Energy sector led, after U.S. crude futures surged by more than 3%, closing the week above $47 a barrel.
The Dow suffered its worst week in five weeks, while the NASDAQ and S&P 500 suffered their worst weeks in nearly two months.
The major indices also received a boost from Friday's Quadruple Witching hour, a quarterly occurrence when stock index futures, stock index options, stock options and single stock futures all expired at the same time. Four times a year, on the third Friday of March, June, September and December, all four assets classes expire on the same day. In addition, the S&P 500 will rebalance on Friday at the close of trading for the first time in three months.
The top performer on the Dow was Caterpillar Inc (NYSE:CAT), which added 0.93 or 1.24% to 75.92. It came one day after Gold futures surged above $1,310 an ounce to 22-month highs, as investors piled into the safe-haven assets amid continuing Brexit fears. Caterpillar, the world's largest construction equipment manufacturer, benefits from strong moves among global commodities. Walt Disney Company (NYSE:DIS) also added 0.59 or 0.60% to 98.97, following Thursday's stellar debut of Shanghai Disneyland. The worst performer was Merck & Company Inc (NYSE:MRK), which fell 1.60 or 2.78% to 55.90. Merck shares fell back one day after soaring more than 3% following optimistic results of its Keytruda immuno-therapy for advanced lung cancer patients.
The biggest gainer on the NASDAQ was Biomarin Pharmaceutical Inc (NASDAQ:BMRN), which added 3.17 or 3.92% to 83.97. Earlier, shares in the rare drugmaker received a pop amid speculation that French pharmaceutical company Sanofi (PA:SASY) could consider Biomarin as an alternative if a hostile takeover of Medivation collapses. The worst performer was Ctripcom International Ltd (NASDAQ:CTRP), which fell 1.84 or 4.61% to 38.01. On Thursday, the Chinese travel site reported losses for the first quarter even after it topped analysts' forecasts.
On the New York Stock Exchange, advancing issues outnumbered declining ones by a 1,852-1,203 margin.