Wall Street plunges as factory data, Apple warning fuel slowdown fears
Updated : January 04, 2019 08:27 AM IST
The magnitude of Apple's holiday quarter revenue shortfall sent shockwaves through the technology sector, which pulled all three major US stock indexes down more than 2 percent, with the Nasdaq posting a 3 percent loss.
S&P Technology companies slid 5.1 percent, its biggest one-day percentage drop since August 2011.
Late Wednesday, Apple chief executive Tim Cook wrote in a letter to investors that the company had not foreseen the extent of China's economic deceleration, which was exacerbated by US-China trade tensions. The iPhone maker's shares dropped 10.0 percent.
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