What you need to know
- Apple shares are down 4%.
- The dip is a result of the U.S.'s ongoing trade war with China that continues to escalate.
- Apple's shares haven't taken a hit this big since May.
Apple shares have taken a 4% hit on Monday as it continues to be affected by the ongoing U.S.-China trade war, per CNBC. Most recently, the China announced the value of its currency would drop to the lowest point since 2008 further affecting many parties on both sides of the trade war.
Apple manufactures most of its products in China, hence why the war is particularly hitting it hard. As it stands, it is already being affected with rising prices that it is expected to absorb instead of passing on to customers, but the company is seemingly being affected on all fronts by the trade war.
As one move by each country leads to another, Apple is caught in the middle trying to handle its business but it's having a hard time trying to stay unscathed. With the war escalating, Apple pivoted some iPhone production to India but it wasn't nearly enough to avoid the issue altogether.
Along with Apple taking a big hit, the Dow Jones has dropped nearly 600 points while S&P has declined 2.1% today.
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