Apple shares are trading lower by 3.6% to $183.63 Wednesday afternoon amid overall market weakness and following a WSJ report suggesting China has banned iPhone use for goverment officials at work.

Per the WSJ report, China has directed central government agency officials to refrain from using foreign-branded devices, such as Apple's iPhones, for work or office entry.

This directive conveyed through workplace channels, aligns with Beijing's cybersecurity and technology self-reliance efforts. Foreign brands, notably Apple, heavily rely on China as a substantial market. WSJ says the country contributes approximately 19% of its total revenue.

What's Going On With The Broader Market?

Downward pressure on the broader market this week is being exacerbated by elevated oil prices, reaching their highest point since November 2022 due to Saudi Arabia and Russia extending their voluntary supply reductions. Rising Treasury yields are also responsible for the downward pressure on risk assets.

Higher interest rates can lead to increased borrowing costs for consumers. Apple sells a wide range of consumer electronics, including iPhones and MacBooks, many of which are purchased using credit.

If higher interest rates make financing these purchases more expensive, it could reduce consumer demand for Apple's products, affecting the company's sales and revenue growth.

Apple also operates globally and generates a significant portion of its revenue from international markets. Rising Treasury yields can lead to a stronger U.S. dollar, which can make Apple's products more expensive for international customers.

This can reduce demand for Apple's products in foreign markets and negatively impact its sales and profitability.

AAPL has a 52-week high of $198.23 and a 52-week low of $124.17.