What is causing market fluctuations on Thursday as Apple’s ban affects tech stocks and the dollar reaches its highest level in 6 months?

Uncertainty continues to dominate the U.S. stock market as reports emerge that China is considering a ban on the use of iPhones by public personnel. This news caused Apple Inc. shares to fall 3% on Thursday, adding to the 3.6% drop from the previous day, resulting in their second-worst week in 2023 so far. The drop in Apple shares also had a negative impact on other technology-related stocks, with the Nasdaq 100 underperforming compared to other major stock indices. The U.S. dollar also saw a sharp increase, reaching its highest level since the collapse of regional banks in March, further adding to risk aversion. Meanwhile, the S&P 500 experienced its third consecutive session of losses, although blue-chip stocks in the Dow Jones managed to rise. Technology and small-cap stocks, represented by the Nasdaq and Russell 2000, respectively, were the worst performers.