The stocks ended a not good trade session on Thursday as the investors are worried about the U.S manufacturing data. Both the Dow Jones Industrial Average and the S&P 500 opened lower, then recovered, but finally down again and close near their lows for the session.
While the Nasdaq fell 3%, closing back in negative territory, the S&P 500 down 2.5%. The Dow lost near 2.8% amid bad news Apple.
Apple triggered market anxiety when it slashed its sales forecast. The company warned it will badly miss its quarterly sales forecast because of weakening growth and trade tensions in China.
Shares of Apple plummeted 10% after the company issued a letter revising guidance for its Q1 fiscal results due to weakness in Chinese iPhone sales and slower iPhone upgrades in developed markets. As Apple’s new revision, revenue has been shifted fron an initial projection of between $ 89 billion to $84 billion, which is 7.7% below the midpoint of its forecast two months ago, and lowered 4.9% from Q1 of last year.
“[W]e did not foresee the magnitude of the economic deceleration, particularly in Greater China,” CEO Tim Cook says in the letter.