Apple Inc. fell 4 percent in Nasdaq trading after JPMorgan Chase & Co. cut its estimates for iPhone and Macintosh sales, citing a worsening economy.

Apple will probably ship 2.19 million Macs in the first three months of this year, down from a previous estimate of 2.39 million, analyst Mark Moskowitz said yesterday in a note. He reduced his forecast for iPhone sales to 3.41 million from 3.82 million.

Mounting job losses, falling house prices and tighter credit are making consumers less likely to purchase electronics, Moskowitz said.

Consumers account for 70 percent to 75 percent of Apple’s sales, he said. For the year ending in September, Moskowitz said Apple will earn $4.73 a share, down from his previous prediction of $4.82 a share.