In his six decades of investing in the stock market, Warren Buffett will have experienced good and bad days.
But even by his standards, Thursday would likely have been memorable for the world-renowned value investor.
Apple shares fell 9.96 per cent following an announcement of lower-than-expected revenue forecasts earlier this week, partly attributed to slowing demand from Chinese consumers.
Buffett’s Berkshire Hathaway investment company has a major exposure to the tech giant, holding 252.5 million shares, meaning it could lose as much as US $3.8 billion, according to CNBC.
The decline sparked trouble not just for Buffett and his investors but the broader US equities market.
“You saw a drag in tech…That very much leading US equities lower. It all feeds into a broader concern over starting to see a real impact from this trade war between the US and China,” said Trading Day host James Daggar-Nickson.
$75 billion in shareholder value was wiped off the US stock markets on Thursday, with the S&P500, Dow Jones and Nasdaq experiencing declines of 2.38 per cent, 2.83 per cent and 3.04 per cent respectively.
Stay tuned to Trading Day for all the analysis of how turmoil in US markets is affecting Australia: https://www.yourmoney.com.au/watch/live/