Markets Proper Now: Apple leads tech shares sharply decrease

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WJ Wire

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NEW YORK (AP) — The newest on developments in monetary markets (all instances native):

10:20 a.m.

Shares are widening their losses on Wall Avenue after Apple warned of a steep slowdown in iPhone gross sales in China.

The Dow Jones Industrial Common sank greater than 500 factors in morning buying and selling Thursday.

Apple gave up 9.2 % following its announcement late Wednesday, which struck a uncooked nerve with buyers.

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Expertise firms particularly, which rely closely on gross sales to China, have been slumping in current months out of fears of a slowdown there China.

Chipmakers and suppliers of cellphone elements additionally fell. Skyworks Options fell 7.7 % and Qorvo gave up 8.Three %.

The Dow misplaced 528 factors, or 2.Three %, to 22,827.

The broader S&P 500 fell 50 factors, or 2 %, to 2,460.

The Nasdaq fell 164 factors, or 2.5 %, to six,500.

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9:35 a.m.

Expertise shares are main a pointy decline in early buying and selling on Wall Avenue after Apple stated iPhone gross sales have been slowing down in China.

Apple gave up 9.2 % in early buying and selling Thursday.

Chipmakers and suppliers of cellphone elements additionally fell. Skyworks Options fell 5.four %.

Apple’s announcement late Wednesday struck a uncooked nerve with buyers, who’ve been dumping expertise and different shares in current months out of fears of a slowdown within the world economic system, significantly China.

The S&P 500 fell 24 factors, or 1 %, to 2,485.

The Dow Jones Industrial Common misplaced 326 factors, or 1.four %, to 23,004. The Nasdaq fell 91 factors, or 1.Three %, to six,575.

The yield on the 10-year Treasury fell to 2.64 %.

The Related Press contributed to this report.

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