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The three major U.S. indexes all fell more than 1% in the intraday session following lowered guidance by Apple Inc. related to dampened iPhone sales this quarter and growing economic uncertainty in China.
The S&P 500 was down 1.4% in midday trading to 2,474.90.
The Dow Jones Industrial Average fell 1.7% to 22,948.36.
The Nasdaq declined 1.9% to 6,538.75.
The yield on a 10-year Treasury bond declined 0.6% to 2.67%.
The price of gold increased 0.6% higher to $1,292.
The price of oil rose 0.5% to $46.78.
Skyworks Solutions Inc. (Nasdaq: SWKS) in Irvine plummeted 10% to $61.17 and a $10.8 billion market cap. The Apple supplier, which is run from Irvine, makes communication chips used in smartphones, tablets, routers, PCs and notebook computers, among other devices.
TTM Technologies Inc. (Nasdaq: TTMI) in Costa Mesa declined 5% to $9.30 and a $964 billion market cap. Shares in the nation’s largest printed circuit board maker have fallen 53% since their 52-week high on Aug. 2 following its second quarter report.