Apple fell even after tech giant reported that it sold more than five million iPhone 5 unitsin its first weekend. Meanwhile, JPMorgan said the five-million figure does not include pre-orders that the did not yet ship. Apple shares hit an all-time high at over $700 last week. (Read More: iPhone 5 Potential ‘100% Greater’)
Separately, Foxconn Technology, which assembles Apple's iPhones and makes components for top global electronics companies, closed a plant in China after a riot involving about 2,000 workersbroke out over the weekend. A staff member at the Taiyuan plant said the factory could be closed up to two to three days for police investigations.
Google closed at all-time highs at $749.38 a share. The search-engine giant is up nearly 30 percent quarter to date and is the fourth best performing stock on the Nasdaq 100 index this quarter.
Facebook was sharply lower after Barron's said shares of the social-networking giant are still overpriced and worth only $15. The stock plunged nearly 10 percent during its session low. (Read More: Options Traders Get Bullish on Facebook)
Dell and H-P slipped after Evercore cut its price targets on both tech companies to $12 from $14 and $18 from $19, respectively.
Questcor Pharmaceuticals plunged after the company said it was being investigated by a U.S. government agency over its promotional practices. In addition, at least three brokerages downgraded the company's stock.
Among earnings, Lennar posted earnings that beat expectationsand announced orders rose for the sixth-consecutive quarter. Still, shares of the homebuilder slipped along with the broader market.
—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter:
Coming Up This Week:
TUESDAY: S&P Case-Shiller home price index, USDA food prices outlook, consumer confidence, FHFA home price index, Richmond Fed mfg index, 2-yr note auction, RIM developers conf.
WEDNESDAY: Weekly mortgage apps, new home sales, oil inventories, 5-yr note auction
THURSDAY: Durable goods orders, GDP, jobless claims, pending home sales, 7-yr note auction, farm prices; Earnings from Discover Financial, Nike, Accenture, Research In Motion, Micron
FRIDAY: Personal income & outlays, Chicago PMI, consumer sentiment; Earnings from Walgreens
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