After Asian markets tumbled overnight and European exchanges stumbled, USA futures were trading lower on Thursday morning, dragged down by Apple's stunning announcement Wednesday.
Apple previously had estimated revenues of between US$89 billion and US$93 billion for the quarter. The official results are scheduled to be released January 29.
Apple isn't the only company facing difficulties in a slowing Chinese economy and escalating trade tensions.
Earlier today President Trump's reply indirectly to Cook was that he doesn't fear the impact of Apple's stock on the USA economy because Apple mostly makes its products in China.
Apple's revised battery program began at the beginning of 2018 and lasted just one year. In an unscheduled update it said there had been a "significantly greater impact than we had projected" from slower growth in emerging markets.
But Apple said its revenue miss in China was not due to the production side, but rather the sales side, since Chinese consumers are not buying enough iPhones. On Thursday it was also announced that Apple is likely to remove some iPhones from stores in Germany, as Qualcomm moves to enforce an earlier court order banning the sale of some iPhone models in the country.
Apple is the target of nationalist sentiment over the arrest of Huawei's chief financial officer in Canada at the behest of the USA on alleged Iran sanctions violations.
Cuomo reportedly asked Elon Musk's Tesla to help fix NYC's subway system
He said not fully closing the L train would be a "phenomenal benefit to the people of New York City". Since 1990, ridership has vastly increased, with about 400,000 rides on an average day.
Europe suffered similar declines, with Germany's DAX down 1.3 per cent at 10,451 and France's CAC 40 declining 1.2 per cent to 4,636.
Apple's warning couldn't have come at a worse time for stock market investors given the wipeout in late-2018, when many global indexes posted their worst performances in a decade amid concerns about the global economy and the prospect of further US interest rate hikes.
"This is Apple's darkest day during the Cook era", Wedbush Securities analyst Daniel Ives said. China makes up one-third of the industry's shipments worldwide.
With no evidence or context provided whatsoever, it appears that Kudlow is trying to deflect any blame for Apple's poor stock performance away from Trump and onto China.
AMS, a European chipmaker that supplies Apple, saw its shares drop almost 20% after Apple warned of slowing iPhone sales.
"The question now is will Apple change its strategy or stick to its hubris", Ives said. In late December, the promotional program for the new models went live in China, adding one major perk: users in China cannot only trade in their old iPhones, but also Android phones made by Apple's major competitors in China, including Huawei, OPPO and Xiaomi.
But outsiders will find it harder to see how that's working out.
A key White House adviser said in response that the ongoing tensions were going to mean that a "heck of a lot" of United States firms with sales in China - not just Apple (Swiss: AAPL-EUR.SW - news) - would see their earnings downgraded until the two countries reach a deal.