>> US stocks plunged at the open thursday. After a bombshell announcements from Apple rattled global markets. The Dow took a nose dive while the tech heave Nasdaq and the S&P plummented too. Apple CEO Tim Cook blamed the slowing economy when he slashed guidance for the Iphone maker. Confirming investors' fears that the global economy is slowing down.
He also blamed the US-China trade war. Reuters, Stephen Nellis.>> Tim Cook actually took the time to call out US-China trade tensions in his letters to investors, saying that the uncertainty that it's created First affected the financial markets and now seems to be filtering down to consumers in China.
So Tim Cook is not being at all shy about calling out the trade, war and by proxy, its biggest promoter, US President, Donald Trump. In this announcement from Apple.>> Already growing worried that weaker economic growth and rising interest rates could cut corporate profits. But when a firm such as Apple, with arguably the most successful consumer products of the past decade, starts waving a warning flag.
It can push the most optimistic investors to seek safe havens. And there was more bad news, Thursday, after a US manufacturing report came in below expectations. All European markets were struggling Thursday, with the stock's Europe 600 down nearly 1%, while European chip makers wo supply parts to Apple tumbled too, inluding Austrian chip maker AMS which plummeted 19%.
And in Asia, major indeces were mostly down including the tech heavy Shenzen composite which fell nearly 1%.