Stocks tanked Thursday morning after Apple slashed its earnings forecast, citing an unexpected drop in global orders caused by trade tensions.
The Dow Jones Industrial Average dropped as many as 650 points Thursday morning, while the Nasdaq composite and S&P 500 index dropped 2.7 percent and 2.3 percent, respectively. A sharp plunge in technology and industrial stocks drove broad losses across the market in the first hours of trading.
Apple stock plummeted 10 percent lower Thursday morning, a day after CEO Tim Cook announced the company is now projecting first-quarter revenue of $84 billion after initially predicting between $89 billion and $93 billion.
Cook blamed Apple’s shortfall on the mounting costs of President Trump’s tariffs on steel, aluminum and Chinese imports, along with trouble in emerging market economies. His warning was the latest red flag to indicate a potential global economic slowdown.
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