NEW YORK (AP) — U.S. stocks fell in midday trading today after technology giant Apple became the most well-known company to warn of a financial hit from the virus outbreak in China.

The maker of iPhones said it will fall short of its revenue forecasts in the fiscal second quarter because production has been curtailed and consumer demand for iPhones has slowed in China. Apple’s stores there are are either closed or operating on reduced hours.

Technology stocks led the selling. Apple shed 2.7%. Chipmakers, which also rely heavily on China for sales and supplies, broadly slid. Intel shed 1.9%.

Banks and energy stocks also fell. HSBC said it will cut 35,000 jobs and shed $100 billion in assets. Its shares dropped 5.6%. Wells Fargo slid 3.4% and Schlumberger slipped 4.2%.

Bond prices rose. The yield on the 10-year Treasury fell to 1.54% from 1.58% late Friday. Crude oil prices fell 1.1%.

Utilities held up better than most of the market.