Written by Associated Press
(AP) – The latest on developments in financial markets (all times local):
Stocks slumped on Wall Street, led by a sharp slide in technology companies after Apple reported a slowdown in iPhone sales over the holidays in China.
The 5 percent drop in tech stocks Thursday was the biggest for the sector since 2011.
The Apple news jolted markets and reinforced fears that the global economy is slowing. A surprisingly weak report on U.S. manufacturing made matters worse.
Apple dropped 10 percent, erasing $74.6 billion in value. Makers of phone parts also fell.
The Dow Jones Industrial Average fell 660 points, or 2.8 percent, to 22,686.
The broader S&P 500 fell 62 points, or 2.5 percent, to 2,447. The Nasdaq lost 202 points, or 3 percent, to 6,463.
Bond prices rose as investors sought safety, sending yields sharply lower.
Stocks went into a steep slide after Apple reported a slowdown in iPhone sales over the holidays in China, a hugely important market for the company.
The rare warning of disappointing results from Apple sent a shudder through markets Thursday and reinforced fears that the world’s second-largest economy is weakening.
Apple fell 8.3 percent following its announcement. Chipmakers and suppliers of phone parts also fell.
Airlines were also falling sharply after Delta trimmed its revenue forecast. Delta sank 7.6 percent.
The Dow Jones Industrial Average fell 338 points, or 1.4 percent, to 23,014. It was down as much as 677 earlier.
The broader S&P 500 fell 24 points, or 1 percent, to 2,485. The Nasdaq fell 83 points, or 1.2 percent, to 6,582.
Bond prices rose, sending yields sharply lower.
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.
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.