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Apple Iphone Sales Fears Rock Wall Street

Apple shares sank by 5% on Monday, dragging down US markets and wiping more than $40bn (£31bn; €35bn) off the tech giant’s market value.

Apple iPhone

The fall followed a profit warning from some of the firm’s suppliers, which exacerbated concerns that demand for iPhones is slowing.

The declines made the company one of the biggest losers on the Dow, which closed down 2.3%.

The wider S&P 500 ended about 2% lower, while the Nasdaq fell more than 2.75%.

Technology stocks led the Wall Street sell-off which saw shares in most sectors tumble.

Tech firms helped drive many of the stock market gains earlier in the year but now face rising calls for regulatory and tax changes that could hurt their growth.

It continues to make record profits, thanks to higher prices and growing income from its services business, which includes services such as the App Store, Apple Pay, Apple Music.

But analysts have remained sceptical, especially after the firm said it would stop sharing the number of iPhones, iPads and Macs it sells with investors.

They have warned that Apple’s reliance on higher prices could also make it especially vulnerable if there is a broader pullback in consumer spending.

Goldman hit

Meanwhile, Goldman Sachs, which has been embroiled in a corruption scandal at Malaysia’s state-backed development fund, also dragged Wall Street indexes lower.

Shares in the investment bank ended down about 7.5%, after a Malaysian official said the country wanted a refund of the fees Goldman earned for work on bond sales for the 1MDB fund.

US companies are also facing a rising dollar, which hurts sales overseas.

The combination of factors has helped fuel speculation that corporate profits may be at their peak, especially after several companies, including Apple and Amazon, issued weaker than expected sales forecasts for the months ahead.

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