Stocks dropped on Friday as a decline in Apple pushed the technology sector lower. A rise in interest rates also kept a lid on equities.

The Dow Jones industrial average fell 201.95 points, or 0.8 percent, to 24,462.94 as Apple dropped 4.1 percent. The Nasdaq composite declined 1.3 percent to close at 7,146.13.

The pulled back 0.8 percent to 2,670.14, with tech sliding 1.5 percent. The index also broke below its 50-day moving average, a key technical indicator.

"The market is still very susceptible to technicals at this point," said Jeff Kilburg, CEO of KKM Financial. Breaking below the 50-day moving average caused a "technical washout in the market," he said. The Nasdaq and Dow also closed below their 50-day moving averages.

Apple shares fell 4.1 percent after Morgan Stanley said the company's iPhone sales for the June quarter will disappoint Wall Street. The stock had already fallen more than 1 percent for the week heading into Friday's session.