Stock markets trending lower on novel coronavirus fears after Apple sales warning
Technology stocks dragged down Wall Street on Tuesday after a surprise sales warning from bellwether Apple fanned worries about the impact of the coronavirus outbreak on global supply chains.
The world’s most valuable technology firm said it was unlikely to meet its March-quarter sales guidance because of slower iPhone production and weaker demand in China, sending its shares down 2.5 per cent.
The news also sent shares of Apple suppliers, including Qualcomm, Broadcom, Qorvo and Skyworks Solutions, lower by 1.9 per cent to 3 per cent.
Chipmakers, which are heavily dependent on China for revenues, slipped with the Philadelphia SE Semiconductor index shedding 1.6 per cent, while the broader S&P technology sector lost 0.7 per cent.
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