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Dow Sinks After Apple Says It Won’t Meet Sales Forecast

The Dow Jones Industrial Average plummeted 2.8 percent on Thursday, following Apple’s bombshell announcement that it has reduced its first-quarter sales goals from its original forecast for the first time since 2002. CNN Business reports that Apple also took a major hit in the markets Thursday, dropping 10 percent to mark its worst day in six years. CEO Tim Cook’s letter announcing the adjusted sales goals, which blamed a slow-growing Chinese economy and Trump’s ongoing trade war, sent shockwaves through the market. But Apple wasn’t the only thing tanking the market, CNN Business notes: December saw the largest one-month drop in American factory activity since the 2008 recession—due to slow growth and the consequences of the trade war—which has rattled investors. The Dow’s drop comes after weeks of tumultuous markets. Ian Shepherdson, chief economist at Pantheon Macroeconomics, said it will only get worse. “Awful, and worse to come,” Shepherdson told clients on Thursday, according to CNN. “Trade wars are not easy to win.”