With Alphabet losing against the U.S. Department of Justice in multiple antitrust cases, the writing may be on the wall for Apple's lucrative deal with the search giant. Apple receives around $20 billion annually from Google to make Google the default search engine on its devices.

Apple’s stock has sold off on tariff fears, but the company still has a healthy business underpinned by a sticky ecosystem and robust array of services offerings.

Wall Street had its worst week since early April after President Trump said he would impose steep tariffs on E.U. goods and targeted Apple with a tax on foreign-made iPhones.