Trader William Lawrence works on the floor of the New York Stock Exchange, Thursday, Jan. 3, 2019. Apple's shock warning that its Chinese sales are weakening ratcheted up concerns about the world's second largest economy and weighed heavily on global stock markets as well as the dollar on Thursday. (AP Photo/Richard Drew)

Markets Right Now: Stocks slide after Apple sees China slump

January 03, 2019 - 8:56 am

NEW YORK (AP) — The latest on developments in financial markets (all times local):

11:45 a.m.

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.

___

10:20 a.m.

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.

___

9:35 a.m.

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.