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Apple and Amazon are scheduled to report earnings Thursday after the market close.

Apple's shares slid 0.4 percent to 0.86 on Tuesday after it announced that the iPhone X won't go on sale until Nov 3, far later than the two new models iPhone 8 and 8 Plus which will be available on Sept 22.

Armed with such high-tech products as well as modern branding techniques, Chinese toy-makers are winning market share worldwide.

As China promotes winter sports among the public in the build-up to the 2022 Beijing Winter Olympics, snowboarding is witnessing a spike in participation rates as both amateurs and pros flock to the resorts around Beijing and the surrounding Hebei province to take on the slopes.

As Brad Setser, a senior fellow at the Council on Foreign Relations, has tweeted, "No way you get there without putting tariffs on a lot of consumer goods imports, be it computers or cell phones and the like. More than 20 percent of the merchandise that the US imported from China last year were cell phones and computers."