Apple's shares have fallen $5.58 (2.8%) while those of Nike have fallen $1.38 (2.3%), combining for an approximately 43-point drag on the Dow.

The Dow Dow Jones Industrial Average was most recently trading 515 points, or 1.3%, higher, as shares of Nike Nike Inc. Cl B and Apple Apple Inc. are contributing to the index's intraday rally.

Apple is finding itself squarely in the crosshairs of President Donald Trump’s new tariffs, even after a yearslong effort to insulate the iPhone maker from trade wars and supply chain disruptions.