Shares of the world’s most valuable public company fell 3.6% after Bloomberg reported that Apple had asked its suppliers to reduce efforts to increase assembly of its flagship iPhone 14 family. , by no less than 6 million units in the second half of this year.
Other growth megacaps like Amazon.com Inc, Microsoft Corp, Meta Platforms Inc and Tesla Inc fell between 0.8% and 1.2% in pre-market trading as US 10-year bond yields returned to their highest level since 2010.
Chipmakers Advanced Micro Devices, Qualcomm Inc Nvidia Corp and Micron Tech fell between 1.6% and 2.5%.
The report added to investor concerns that include the aggressive monetary tightening of the US Federal Reserve, which seeks to rein in stubbornly high inflation, even at the risk of tipping the economy into recession.
As of 5:10 a.m. ET, Dow e-minis were down 232 points, or 0.79%, S&P 500 e-minis were down 35.5 points, or 0.97%, and Nasdaq 100 minis were down 151.25 points, or 1.33%.
Wall Street sank further into a bear market on Tuesday, with the S&P 500 posting its weakest close in nearly two years.
Bucking the trend, Biogen jumped 51% in premarket trading after its Alzheimer’s drug, developed with Japanese partner Eisai 4523.T>, successfully slowed cognitive decline.
Shares of Eli Lilly & Co, which is also developing a drug for Alzheimer’s disease, rose 7.8%.