There’s a good reason the Dow Jones Industrial Average is set to sell off at the open, on the heels China’s devaluation of its currency, since most of the index’s components rank China as their second-biggest source of revenue, behind the U.S. Of the 27 Dow components that FactSet has geographic breakdowns of sales, 22 rank China as their second-biggest source of revenue, behind the U.S. Shares of chipmaker Intel Corp. , which as the most China exposure at 19.4%, slid 1% in premarket trade Tuesday. Just behind is Apple Inc. at 16.2%, and the technology giant’s stock shed 1.3% ahead of the open. Shares of Boeing Co. at 11.8% slipped 0.2%, Wal-Mart Stores at 10.8% lost 0.4% and International Business Machines at 10.5% declined 0.8%. Shares of 3M Co. , at 12.6%, were still inactive. Meanwhile, Dow futures were down 137 points.
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From:: Stock Market News