Nikada/iStock(NEW YORK) — The Dow Jones Industrial Average dropped more than 500 points in early trade Thursday as investors digested a warning issued by Apple CEO Tim Cook.
Cook told shareholders on Wednesday that the company’s iPhone sales would come in lower than expected largely due to weak economic growth in a key market: China. The announcement added to fears that the Chinese economy was slowing and the trade war with Beijing showed no signs of letting up.
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The Dow traded 574 points or 2.5 percent lower at 22,771 in the first hour of trade.
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