Stocks fell on Tuesday as a forecast warning from tech giant Apple stoked worries over the coronavirus and its impact on corporate profits and the global economy.
The Dow Jones Industrial Average traded 255 points lower, or 0.9%. The index was also on pace for its third day in a row. The S&P 500 dipped 0.7% while the Nasdaq Composite slid 0.4%. U.S. markets were closed Monday due to the Presidents Day holiday.
Apple cautioned it does not expect to meet its quarterly revenue forecast, citing slowed production and weakened demand in China as a result of the coronavirus outbreak. The most valuable company in the U.S. initially said it expected to report net sales between $63 billion to $67 billion in its fiscal second quarter.
The company has not provided an updated forecast for its fiscal second-quarter. Shares of Apple traded 2.5% lower.