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Monday saw the Nasdaq index fall 3% in the worst trading day of November when an Apple supplier called Lumentum revealed a drop in orders.

The news sliced a third off its share price and routed other Apple suppliers. It also delivered a 5% fall in Apple’s share price and losses for Microsoft, Amazon and Facebook.

But as Quilter Investors portfolio manager, Hinesh Patel, observes “Monday was a classic ‘snowball’; a minor cog in Apple’s supply chain triggered an avalanche of programme trades.

“Markets are understandably data sensitive,” he says, “but the real story isn’t iPhone sales. It’s the strength and direction of the US dollar and the evolving global macro picture which will dictate returns from here.”