Apple selloff deepens to $194 billion on China plans iPhone curbs

Apple Inc. shares tumbled in premarket trading Thursday, on track to wipe out $194 billion of market value in just two days, as China plans to expand a ban on the use of iPhones to government-backed agencies and state companies.

Shares of the Cupertino, California-based company fell as much as 3.2% premarket, after slumping 3.6% Wednesday. Apple is the biggest component in major US equity indexes, adding to a broader selloff sparked in part by a litany of woes in China.