Apple Stock Lower as China Orders Lockdown Near Key iPhone Factory

Apple (AAPL) Shares fell again on Wednesday after officials in China ordered a seven-day shutdown around a major iPhone factory amid an ongoing Covid outbreak that could disrupt production ahead of the pivotal holiday season.

City officials in Zhengzhou ordered the shutdown, which will last until Nov. 9, at the 200,000-man factory run by Taiwanese Foxconn, a major Apple assembler responsible for about 70% of iPhone shipments. the technology giant. Data suggests that infections in the city have tripled this week, to about 360 cases, triggering the strict lockdown response reflecting Beijing’s ‘zero Covid’ policy.