>> Tech stocks are taking another beating on Monday, led by Apple. Apple stock dropped nearly 4% on concerns about iPhone sales. After the Wall Street Journal reported that Apple cut production orders with suppliers in recent weeks for all three of the iPhone models launched in September. Apple shares have lost nearly 20% from the start of the month, when it warned that crucial holiday quarter sales would likely miss Wall Street expectations.
It also said it would no longer report the number of iPhones, iPads, or Macs sold, a metric that analysts and suppliers have come to count on. Reuters Apple Correspondent Stephen Nellis.>> So for all those folks out there who try to predict how Apple is gonna do based on the number of phones they make, they need new data points.
And new information to try to integrate into their models. And now that Apple's not gonna report those numbers anymore, some of this signal from the supply chain is the best they're gonna get. The problem with trying to read Apple's performance based on how the supply chain is doing is that it's kinda like putting a hand on an elephant.
Their supply chain is really big, and you're just getting one little data point from here and there. And you never know how that fits into the bigger picture. For example, not all of the suppliers are as transparent as others. And so the ones that do report, well, we know how they're doing.
But there might be other suppliers that are picking up business from the ones who lost business. But we just dont know that, because we can't see it.>> Apple not the only tech loser, Facebook dropped 5.7%. Continuing its slide following a critical New York Times story last week on the company's top management.
Other big tech stocks, from Amazon, to Alphabet, to Netflix, all down over 3% or more, dragging down the overall market, as well. But it's not just tech stocks giving the market a spook. Over the weekend, a meeting of Asia Pacific leaders failed to agree on a communique for the first time ever.
After US Vice President Mike Pence said in a blunt speech that the United States will not back down from its trade dispute with China unless Beijing bows to US demands. Those developments dragged down shares of Boeing and Caterpillar, seen as trade sensitive stocks.