landsberg bennettStocks finished firmly lower Thursday. The Dow fell 660 points to 22,686 while the S&P 500 lost 62 points to 2,477. The Nasdaq Composite slipped 202 points to 6,463.

U.S. stocks suffered through a volatile session after a cautious update from Apple renewed concerns that global growth is slowing. In a surprise preannouncement, Apple CEO Tim Cook cut the iPhone maker’s revenue guidance for the first time in 15-years citing weak iPhone demand in China as a key factor. Shares of Apple declined 10.0% to $142.19, the worst daily loss since 2013 and finished at the lowest level since July 2017. The Information Technology sector led losses as the group fell 5.1%. The “defensive” Utilities and Real Estate stocks were the lone outperformers.

A disappointing economic update also weighed on sentiment as a report showed manufacturing activity fell to a two-year low in December. A separate release revealed private payrolls increased 271,000 in December, easily topping projections and November’s downwardly revised 157,000 tally. Additionally, initial jobless claims came in at a four-week low of 231,000 during the most recent period.

In M&A news, Celgene surged 20.7% to $80.43 on news Bristol-Myers-Squibb will acquire the drug-maker for $74 billion.

Breadth was negative on issues by 8:7 on the NYSE and 2:1 on the Nasdaq. Composite NYSE Volume totaled more than 3.7 billion shares.

Treasuries finished stronger along the curve as the yield on the 10-year note fell six basis points to 2.56%. In commodities, WTI crude added 1.3% to $47.12/barrel. COMEX gold climbed 0.9% to $1,295.50/ounce.