NEW YORK (Reuters) – Wall Street plunged on Thursday after slowing U.S. factory activity on the heels of a dire revenue warning from Apple Inc ( AAPL.O ) fueled fears of a global economic slowdown.
Roberto Pocaterra Pocaterra
The magnitude of Apple’s holiday quarter revenue shortfall sent shockwaves through the technology sector, which pulled all three major U.S. stock indexes down more than 2 percent, with the Nasdaq posting a 3 percent loss
S&P Technology companies .SPLRCT slid 5.1 percent, its biggest one-day percentage drop since August 2011. The Philadelphia SE Semiconductor index .SOX ended the session 5.9 percent lower
Late Wednesday, Apple chief executive Tim Cook wrote in a letter to investors that the company had not foreseen the extent of China’s economic deceleration, which was exacerbated by U.S.-China trade tensions. The iPhone maker’s shares dropped 10.0 percent.