Apple, chip stocks take a beating after China tariffs, Trump tough talk

|About: Apple Inc. (AAPL)|By:, SA News Editor

Apple (NASDAQ:AAPL) was today's biggest Dow decliner, plunging 4.6% in reaction to China's announced retaliatory tariffs on another $75B of U.S. goods, called "a gut punch to Cupertino" by one analyst.

China is both a major part of AAPL's supply chain and a major market for its products; the company derived nearly 20% of its 2018 revenue from China, according to Bloomberg data.

Information technology was one of the session's two biggest losers among the 11 S&P industry sectors, falling 3.3%, and the Philadelphia Semiconductor Index plunged 4.4%.

Among notable decliners: AMD -7.4%, AVGO -5.4%, NVDA -5.3%, ON -4.9%, QCOM -4.7%, MU -4%, INTC -3.9%.

ETFs: XLK, VGT, SOXL, SOXX, SMH, TECL, FTEC, USD, IYW, PSI, ROM, XSD, QTEC, IGV, RYT, SOXS, FNG, TECS

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