Apple stock and semiconductor stocks slipped more than those in the same industry in technology.
Shares of Apple and US semiconductor chip companies slipped during the trading session on August 23, after President Donald Trump asked US companies to immediately start looking for alternative sources of production. works in China.
Apple shares fell 4.3%, while VanEck Vectors semiconductor funds fell 3.5%. Among chip companies, Qualcomm shares fell 3.1% and Nvidia lost 4.8%, because Advanced Micro Devices fell 5.7%, Micron fell 4.2% and Broadcom fell 4.7%.
The tech-heavy Nasdaq index fell 1.2%, while the Dow Jones industrial average fell 1.8% and S&P 500 fell 1.6%.
Apple has felt the effects of the trade war with China more than most other technology companies. The company performs much of the manufacturing process in China and the world’s most populous market accounts for a significant share of the company’s sales.
Trump’s comments on the same day marked the latest escalation in the US-China trade war.
The market immediately began to decline after President Trump tweeted on his Twitter account that the big US company was asked to begin immediately finding a replacement for China, including bringing. .. companies come home and produce products in the US.
Trump’s tweet came after China announced a tax on goods worth more than US $ 75 billion, including cars. New taxes followed Mr. Trump’s plan to impose taxes on Chinese goods worth $ 300 billion in December last year.