Stock Market Crash Continues as Apple Stock Plunges

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News that the iPhone maker cut its first-quarter revenue forecast, described by one analyst as Apple's "darkest day in the iPhone era", had something for everyone who has panicked over USA stocks in the past few months.

In his letter to Apple shareholders, Cook gave no China sales numbers for the final quarter of the year.

Apple's first profit warning since 2002 has clearly generated a significant amount of finger-pointing at the Cupertino giant's headquarters, so much so that in the letter to investors Apple may have said more than it had planned on saying.

"I am not concerned for the company, but it's likely investors will not see the company value it was at until it can see a likely path to double-digit revenue growth", Moorhead said.

"For a while now, there's been an adage in the markets that as long as Apple was doing fine, everyone else would be OK", said Neil Wilson, chief markets analyst at Markets.com. It's the first time since 2002 that Apple issued a reduction in its quarterly revenue forecast. "Futures immediately sold off. Apple is a 4 per cent position in the market and considered a bellwether and comments were that the US was fine, China was slower than expected".

Kevin Hassett, chairman of the White House council of economic advisers, said that United States companies selling in China would see their sales recover if the trade dispute is resolved.

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Technology stocks led the declines with chipmakers and other phone part suppliers both in the United States and around the world in the red.

Apple's stock price dropped nearly 10 percent Thursday, closing the day at $142.19, the company's biggest single-day loss in six years.

He said that even in some markets, upgrades to new iPhone models were "not as strong as we thought they would be".

"While it is true that no other single product has done for Apple as much as the iPhone, the product offering as an aggregate still puts Apple ahead of all other vendors who might be selling higher volumes but have no direct way to monetize from their users once the sale has occurred", Milanesi said in a blog. "And market data has shown that the contraction in Greater China's smartphone market has been particularly sharp".

On Thursday a local industry body, the China Anti-Infringement and Anti-Counterfeit Innovation Strategic Alliance, called on Apple to heed the court order and not 'trample the Chinese law by leveraging its super economic power and clout'.

Another question mark for Apple is its 5G strategy in China, where the US firm is not expected to have a 5G-enabled phone until 2020, behind rivals like Huawei, Xiaomi Corp and Samsung Electronics.

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Meanwhile, the US arrest warrant for Huawei Chief Financial Officer Meng Wanzhou, who has been detained for the past month in Canada, infuriated many Chinese and touched a nerve in a country where nationalism - and distaste for the United States - has been on the rise as national competition has broken out.

Oil prices edged higher. In a carefully crafted letter, CEO Tim Cook said economic turmoil in China wreaked havoc on the company's top line.

That's a huge problem: China makes up about 20% of Apple's revenues globally.

Apple shares were down 9.8 percent at $142.40.

A timeline illustrating Apple share prices in 2018.

The yield on the 2-year Treasury note slid to 2.39 percent from 2.50 percent, and the yield on the 10-year note sank to 2.56 percent from 2.66 percent.

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