I'm Julia Borsden, and you're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern, listen in.

Good Thursday morning. Welcome to Tech Check. I'm Carl Kintanilla with John Ford and DeGrabosa.

Today, stocks are getting hit hard this morning. The NASDAQ losing more than 3%. After rallying, as you know, to to start the week every S&P sector firmly in

negative territory Apple is a very big reason for the decline the stock which accounts for

more than 7% of the S&P nearly 14% of the NDX down 4.5% we may be seen some safe haven

status shifting in real time and if it is that could lead to even greater losses for the broader markets.

Here's B of A's Wamsie Mohan who downgraded Apple talking to us last hour on squawk in the street.

The key here is really you've got to change when the facts change.

And when we look at the data, what we're seeing is that consumer spending is starting to really slow down.

We think that the demand profile of the customer is changing and that is worrisome.

When you put all the numbers together, we think estimates are just too high.

And Apple has been very resilient when it comes to estimate revisions, right?

They've been sitting at about 645, 650 for most of over the past year.

And the world around us has really changed.

And as we look at the next year, we think that there is significant risk to these numbers,

and that's what we're reflecting in our estimates and our ratings.

Dee, an interesting chat with him. A lot of it is macro-based, and of course, the House view at B of A is pretty recessionary. We've talked a lot about their downside targets of 3K on the S&P. The B of A desk has a pretty good chart looking at Mohan's history. When he's had a neutral, stocks tended to trade sideways, and when he's had to buy, it's tended to go up. His track record is pretty good. That's right. That's what they were referring to. I think what's important about this, guys, is that his call doesn't have anything to do with what we were talking about yesterday, those potential cuts in expanded production. You know, he says you got to change when the facts change, and this is not a reaction to that news yesterday.

He says simply the consensus estimates are too high. They need to come down. We've been asking this question again and again. Have they come down enough?

John, if you look at CarMax overnight, right? What they said, sales weakened, and it happened really, really quickly.

So if you think that consumer sentiment is going to weaken and that can happen on a dime,

then Apple is at risk here.

And, you know, the stock down nearly four and a half percent.

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