Stocks take a hit after Apple warning


Traders work on the floor at the New York Stock Exchange.

Brendan McDermid | Reuters

Dow Jones Industrial Average falls 165 points

The slid 165.89 points, or 0.56%, close at 29,232.19. The dipped 0.29% to 3,370.29. The climbed 0.02% to 9,732.74. The major averages were under pressure for most of Tuesday’s session after a stark warning from Apple.

Apple warning weighs on market

Apple warned it will not meet its revenue guidance for fiscal second quarter of 2020 as the coronavirus outbreak in China hinders the tech giant’s supply chain. That warning initially sent the broader market lower, but the major averages regained some of their losses in afternoon trading. Bottom line, market volatility could be on the rise is more companies issue warnings like Apple’s.

Netflix and Tesla rise, Apple drops

gained 1.94% to hit its highest level since July 2018 while advanced 7.30% after a Morgan Stanley analyst hiked his “” price target to $1,200 per share. , meanwhile, slid 1.83%.

What happens next?

The latest reading on the producer price index and housing starts data are set for release on Wednesday. Read more here.

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