Apple, the world's largest publicly traded company, fell short of expectations, hurt by lower iPhone sales and production disruptions in China. Consumer staples giant Clorox said product volumes fell in three of the company's four business segments in the fourth quarter, while automaker Ford said the year ahead was going to be a difficult one. "In many respects we're waiting for that other shoe to drop – the impact of higher rates on the economy, inflation, earnings and jobs," said Jack Ablin, co-founder and chief investment officer at Cresset Capital, which manages $30 billion.