Apple stock suffers worst day in months

Shares of Apple Inc. sank Thursday, to suffer their worst day in over two months, after a report of an Apple Watch snag in China, indications of a potential slow ramp for new iPhones and a selloff in the technology sector.

The technology giant’s stock AAPL, -0.04% fell $3.78, or 2.4%, enough to pace the Dow Jones Industrial Average’s DJIA, +0.02% decliners. The selloff nearly kept the Dow from turning positive, as it shaved about 26 points off the Dow, which reversed earlier losses to close up 5.44 points. See Market Snapshot.

The stock’s decline was be the biggest since Aug. 10, when it fell $5.74, or 3.6%.

Earlier Wednesday, the Wall Street Journal reported that the new Apple Watch’s cellular connection feature was abruptly cut off in China, without explanation. The report said the snag like stemmed from the Chinese government’s security concerns regarding tracking users of the device, which uses different technology than standard mobile phones.

Don’t miss: Apple Watch cellular feature cut off in China.

FactSet, MarketWatch

Separately, Eric Ross, chief investment strategist at Cascend Securities, said results from Apple supplier Taiwan Semiconductor Manufacturing Co. Ltd. TSM, -1.04% were “OK,” but “slowness” from processors for Apple’s new iPhone 8 and iPhone X indicated “there has been a slow ramp.”

Apple was by no means alone, as the large-capitalization technology sector bucked the bounce in the broader market. The tech-heavy Nasdaq-100 Index NDX, -0.36% fell 0.4% and the SPDR Technology Select Sector exchange-traded fund XLK, -0.30% shed 0.3%, while the Dow and the S&P 500 index SPX, +0.03% both inched up less than 0.1%.

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