Shares in the best performing technology companies, collectively known as FAANG, were all down on Wednesday.
At the time of press Apple was trading down 0.41%, Amazon by 1%, Facebook by 1.4%, Netflix by 1.54% and Alphabet’s Google by 0.38%.
The drop follows a new report from CreditSights analysts that stated that after five years of rapid growth in corporate bond issuance, technology companies are expected to issue less debt in 2018 as they start to bring cash placed overseas back to the US.
The report said that companies, including Apple Inc and Microsoft Corp, will stop the practice off issuing bonds to raise the funds for shareholder rewards and repatriate foreign earnings instead.
Longbow Research on Wednesday lowered its rating for Apple shares to neutral from buy, predicting the company will ship fewer iPhones than expected in fiscal 2018.
Shares in Apple had climbed higher in pre-market trading after the an upgrade from Bank of America Merrill Lynch that reckons the group will thrive on President Donald Trump's tax reforms.
"We remain bullish on potential for cash repatriation, lower tax rates, and the potential for positive estimate revisions heading into 2019," analyst Wamsi Mohan said on Wednesday.