Apple Inc. is headed for its biggest weekly decline this year as the iPhone maker’s profits are seen as particularly vulnerable to a flare-up in the trade war given its reliance on China for production and sales.
The shares were down as much as 9% for the week as of 10:45 a.m. in New York Friday, while the S&P 500 slid as much as 4% this week. A close at that level would be the worst performance since the five days ended Dec. 21, when US equities were tumbling toward the brink of a bear market. Apple has shed about $75 billion of market value since last Friday, a slide that takes it even further away from the $1 trillion valuations it appeared close to reclaiming earlier this month.
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