NEW YORK: The S&P 500 and Nasdaq fell on Thursday (Sept 7), with the biggest drag from Apple and a sell-off in chip stocks over concerns about China’s...
People are seen next to an Apple store in the Huangpu district of Shanghai. Apple shares fell sharply for a second straight session on Thursday, Sept 7, following reports of significant Chinese restrictions on iPhones at government offices and state-backed entities.
Shares in Apple Inc fell 2.9%, for its second straight day of losses on news that China had widened curbs on iPhone use by state employees, requiring staff at some central government agencies to stop using their mobiles at work.The drag from Apple, its suppliers and companies with large China exposure pushed the S&P 500 technology sector down 1.6%, making it the biggest percentage decliner among the benchmark's 11 major sectors.
Bets on the Fed to leave interest rates unchanged in September stood at 93%, yet the chances for another pause in the November meeting were at a much lower 53.5%, according to the CME Group's FedWatch Tool. The Philadelphia semiconductor index fell 1.98% while shares of Apple suppliers including Skyworks Solutions, Qualcomm and Qorvo all fell more than 7%.
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