Apple stocks fall, drag US bourses down after China widens curb on iPhone use
Apple stocks fell 4%, triggering a rout in the US stock market, after the Chinese government widened curbs on iPhone use by government officials, Reuters reported.
The US company witnessed its worst one-day fall in over a month on Wednesday, said the report.
The setback came as China, one of the biggest markets of Apple, asked its employees to stop using iPhone at work.
According to the report, Apple suppliers and companies with large China exposure including Broadcom, Qualcomm and Texas Instruments fell between 1.2% and 2.8%.
The fall in Apple stocks also pulled down three main US stock indices.
China and the US have been engaged in a trade battle for a long time. While the US has cut China’s access to various critical technologies, such as chips, China has reduced its dependence on American technology and restricted shipments from U.S. firms including planemaker Boeing.
Apple is also struggling with falling iPhone sales. The company would have reported a less-than-impressive quarterly earnings report last month had it not been for its performance in the Chinese market.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
