Apple Leads Tech Rally After Shedding Trade-War Albatross
- About 20% of the iPhone maker’s 2018 revenue was from China
- Shares fell as much as 18% after the latest flare-up in May
Customers browse products inside an Apple Inc. store in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Apple Inc. jumped the most in three weeks after the U.S. and China declared a trade truce over the weekend, relieving the iPhone maker of some of the pressure its growth outlook faces in the event of a prolonged conflict.
The shares gained as much as 3.3%, contributing the most to a rally that’s pushing the S&P 500 Information Technology Index toward a record high. Apple is bouncing back from a drop of as much as 18% after the latest flareup in early May. The company is particularly vulnerable to U.S.-China tensions as it is heavily dependent on the Asian nation for manufacturing as well as sales of its products.