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Shares of Apple suppliers tumble as Barclays downgrades company
Asia-Pacific markets are all in the red today, with South Korea and Taiwan leading declines. That's as chipmakers and tech firms across the board came under pressure after Barclays downgraded Apple. The bank cut its rating to underweight and trimmed its price target to $160 from $161, on fears of slowing iPhone 15 sales in China. Apple shares dropped 4%, Samsung Electronics shares slid as much as 3.01%, leading losses on South Korea's Kospi that fell 1.78%, Apple chip supplier Taiwan Semiconductor Manufacturing Corpalso dropped as much as 2.02%.
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