Markets Right Now: Apple leads tech stocks sharply lower
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are widening their losses on Wall Street after Apple warned of a steep slowdown in iPhone sales in China.
The Dow Jones Industrial Average sank more than 500 points in morning trading Thursday.
Apple gave up 9.2 percent following its announcement late Wednesday, which struck a raw nerve with investors.
Technology companies in particular, which rely heavily on sales to China, have been slumping in recent months out of fears of a slowdown there China.
Chipmakers and suppliers of phone parts also fell. Skyworks Solutions fell 7.7 percent and Qorvo gave up 8.3 percent.
The Dow lost 528 points, or 2.3 percent, to 22,827.
The broader S&P 500 fell 50 points, or 2 percent, to 2,460.
The Nasdaq fell 164 points, or 2.5 percent, to 6,500.
Technology stocks are leading a sharp decline in early trading on Wall Street after Apple said iPhone sales were slowing down in China.
Apple gave up 9.2 percent in early trading Thursday.
Chipmakers and suppliers of phone parts also fell. Skyworks Solutions fell 5.4 percent.
Apple’s announcement late Wednesday struck a raw nerve with investors, who have been dumping technology and other stocks in recent months out of fears of a slowdown in the global economy, particularly China.
The S&P 500 fell 24 points, or 1 percent, to 2,485.
The Dow Jones Industrial Average lost 326 points, or 1.4 percent, to 23,004. The Nasdaq fell 91 points, or 1.3 percent, to 6,575.
The yield on the 10-year Treasury fell to 2.64 percent.