Markets slide as China iPhone sales dip

Stocks went into a steep slide Thursday morning 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 and reinforced fears among investors that the world’s second-largest economy is weakening.

Apple’s stock plunged 10 percent, erasing $67 billion in value.

The Nasdaq, which has a high concentration of tech stocks, retreated 185 points, or 2.8 percent, to 6,482 .

Apple stock has slumped 38 percent since early October amid fears of a slowdown in China. The company also recently announced that it would stop disclosing how many iPhones it sold each quarter, a move many investors suspected was an attempt to hide disappointing news.

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Article source: http://www.dailystar.com.lb/Business/International/2019/Jan-04/473211-markets-slide-as-china-iphone-sales-dip.ashx