Traders and investors will be watching Apple (AAPL) to see how bad news from the company affects the rest of the market.
One of the largest stocks in the world, Apple shocked investors on Wednesday when the tech giant slashed its Q1 revenue guidance. Apple now forecasts first quarter revenue of $84 billion, down from the initially estimated $89 billion-$93 billion range. Management cited weak sales in China and lower-than-anticipated iPhone revenue.
Shares tanked 8% in after-hours trade.
“We believe the economic environment in China has been further impacted by rising trade tensions with the United States,” CEO Tim Cook said in a statement. “As the climate of mounting uncertainty weighed on financial markets, the effects appeared to reach consumers as well, with traffic to our retail stores and our channel partners in China declining as the quarter progressed.”
While it was anticipated that the heated trade war between the U.S. and China would negatively affect Apple’s bottom line, the tech giant’s struggles will have secondary effects on other areas of the market such as the semiconductor industry.
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