(NBC) – Wall Street opened lower this morning, due in part, to Apple.
Apple is slashing its sales forecast for its most recent quarter, and that includes the holiday season.
In an exclusive interview on CNBC, Apple CEO Tim Cook pointed to slowing iPhone sales and economic weakness in China.
Cook also says fewer people have been upgrading to the latest iPhone models.
Apple’s stock plunged more than 10 percent in early trading, meaning it’s lost roughly $60 billion in market value.
Apple is also dragging down shares of its parts suppliers and chipmakers, as well as tech stocks such as Facebook, Amazon, and Microsoft.